Market gains N2.44tn as ICT, banking stocks drive surge

The Nigerian Exchange Limited closed the week on a high, with ICT and banking stocks driving the market up by N2.44tn. The All-Share Index gained 2.45 per cent to 147,040.08 points, while market capitalisation rose 2.67 per cent to N93.722tn.

Investor activity picked up sharply, with a total turnover of 6.617bn shares worth N113.224bn changing hands in 109,590 deals during the week, up from 4.140bn shares valued at N115.889bn exchanged in 102,351 deals the previous week. The ICT industry, measured by volume, led market activity with 3.500bn shares valued at N17.759bn traded in 11,184 deals, representing 52.89 per cent of total equity turnover volume and 15.68 per cent of turnover value.

The financial services industry was the next most active sector, recording 2.625bn shares worth N50.188bn in 42,574 deals, while the services industry ranked third with 104.524m shares valued at N1.166bn in 7,255 deals. Trading in the three most active stocks—E-Tranzact International Plc, Cornerstone Insurance Plc, and Access Holdings Plc—accounted for 4.871bn shares valued at N27.422bn in 6,438 deals, contributing 73.60 per cent of turnover volume and 24.22 per cent of turnover value.

Market breadth was positive, as 55 equities appreciated in price during the week, up from 38 a week earlier. Twenty-nine equities declined, down from 36 previously, while 63 stocks closed unchanged compared with 73 in the prior week. Sectoral indices were largely firmer: the industrial goods index led gains with a 7.38 per cent rise, and the premium index jumped 5.50 per cent. Conversely, the Oil and Gas and Commodity indices fell by 0.57 per cent and 0.30 per cent, respectively.

On the exchange-traded products market, investors traded 411,382 units valued at N105.657m in 1,022 deals, up from 214,478 units worth N54.458m in 761 deals the previous week. Leading ETPs by volume included VETINDETF (96,978 units, N5.79m), VETGRIF30 (82,739 units, N5.13m), and VETGOODS (78,049 units, N3.36m). The StanbicETF30 recorded the largest value traded at N82.45m on 53,752 units transacted.

Fixed income turnover also improved as bond trading amounted to 410,186 units valued at N443.071m across 54 deals, versus 117,523 units valued at N120.742m in 38 deals a week earlier.

Corporate and government listings during the week also shaped market activity. Ecobank Transnational Incorporated listed an additional 5,381,656,222 ordinary shares following conversion of preference shares, employee share option exercises, and loan conversions, increasing its issued share capital to 23,731,207,437 ordinary shares of $0.025 each.

Additionally, Industrial and Medical Gases Plc listed 181,621,214 ordinary shares arising from its rights issue, lifting its total issued shares to 731,064,226. The Federal Government’s November 2025 savings bonds, FGS202702 (13.565 per cent, two-year) and FGS202803 (14.565 per cent, three-year), were also admitted to trading; the issue sizes were N958.416m and N2.874664bn, respectively.

Trading in Champion Breweries Plc’s rights opened on Monday. The rights issue offers 994,221,766 ordinary shares at N16.00 per share on the basis of one new share for every nine held; the offer closes on 5 January 2026.

Analysts said the weekly gains reflected year-end portfolio rebalancing and renewed investor confidence, with aggressive positioning in the ICT and banking sectors amplifying volumes and lifting prices across the board. Market watchers will be monitoring liquidity flows and corporate actions as investors seek to lock in gains before the year closes.

Analysts at Afrinvest stated that, looking ahead, they expect the market to sustain the positive start to December, driven by bargain-hunting and the rebound in key sectors. However, intermittent profit-taking and year-end portfolio adjustments may temper positive sentiment.