Nigerian equities extended their record-breaking rally this trading week ended September 25th, as the benchmark index appreciated by 0.92% to cross the 250,000-point threshold, driving total market valuation to N163.655 trillion.
According to the latest weekly report from the Nigerian Exchange Limited (NGX), turnover surged to 4.689 billion shares valued at N240.824 billion across 261,198 deals, up from 3.249 billion shares previously.
The Financial Services sector dominated activity, accounting for 3.537 billion shares worth N116.666 billion in 115,985 deals. The sector contributed 75.43% of total equity volume for the trading week.
Trading by top financial institutions: Fidelity Bank Plc, Fortis Global Insurance Plc, and Zenith Bank Plc drove market liquidity, collectively generating 2.020 billion shares valued at N54.057 billion across 21,385 deals.
61 equities recorded price appreciation, led by Critical Minerals Financing Corp Plc with a 59.80% gain, while 32 stocks declined, spearheaded by Haldane McCall Plc dropping 16.67%.
In the fixed-income segment, corporate issuance picked up as Advans La Fayette Microfinance Bank listed Series 1 Commercial Papers worth over N6.75 billion across two tranches under its N20 billion issuance programme.
The equity market’s momentum follows the Central Bank of Nigeria’s recent aggressive 350-basis-point interest rate cut to 23%. This policy easing has redirected capital away from fixed-income instruments into equities.
Additionally, Nigeria’s formal return to FTSE Russell’s Frontier Market status on September 21 has renewed foreign investor appetite, fueling sustained demand across banking, ICT, and conglomerate stocks on the domestic bourse.
