– Despite mixed sector performance
Lagos — The Nigerian equity market has shown renewed momentum, with the NGX All Share Index advancing by 0.56% to close at 105,551 points.
However, sector performance remains mixed, with six out of 20 sectors finishing in the green, five in the negative, and the rest remaining flat. Consumer durables surged by 3.26%, and the financial sector advanced by 3.08%.
Within the financial sector, significant moves were observed, with Guaranty Trust Holding up by 6.53%, Zenith Bank Plc gaining 5.04%, and United Bank for Africa rising by 2.72%. Despite these gains, heavyweights such as Dangote Cement Plc, Bua Foods Plc, and MTN Nigeria Communications saw flat performances, ending the session unchanged.
The progress in the recapitalization efforts of Nigerian banks has strengthened investor confidence. Leading banks such as FirstHoldCo, Wema Bank, and Fidelity Bank have made progress in raising capital, ensuring compliance with Central Bank of Nigeria regulations.
Meanwhile, external factors, such as increased Nigerian jet fuel exports to the U.S., further support market sentiment, contributing to Nigeria’s foreign exchange inflows.
While this trend is encouraging, broader economic challenges, including inflation, policy risks and ongoing trade tensions, will continue to have an impact on the market’s near-term outlook.
