The Nigerian stock market ended the week on a stronger note, recovering from losses recorded earlier in the week as buying interest in selected equities pushed the Nigerian Exchange Limited All Share Index (NGX ASI) to 241,298.47 points on Friday.
The benchmark index gained 2,142.38 points, or 0.90 per cent, between Thursday and Friday, its strongest daily increase among the reported sessions. Compared with Monday’s close of 239,085.17 points, the index finished the week 2,213.30 points, or 0.93 per cent, higher.
The week began on a weaker footing. On Monday, the NGX ASI declined by 265.99 points, or 0.11 per cent, to 239,085.17 points as investors took profits in First HoldCo and 31 other stocks. Market sentiment was negative, with 32 decliners against 18 advancers.
Trading was suspended on Tuesday because of the Federal Government declared public holiday for the 2026 Eid-el-Maulud celebration.
When trading resumed on Wednesday, selling pressure persisted. The NGX ASI fell another 402.25 points to 238,682.92 points, while equity market capitalisation declined by N259.04 billion to N154.14 trillion. Weakness was evident across banking, insurance, consumer goods and oil and gas stocks, with Zenith Bank falling 2.13 per cent and Guaranty Trust Holding Company declining 0.08 per cent.
The market then changed direction on Thursday, with the NGX ASI recovering 473.17 points, or 0.20 per cent, to 239,156.09 points. Market capitalisation increased to N154.44 trillion, representing a rise of about N302.43 billion from Wednesday.
The recovery accelerated on Friday. The NGX ASI climbed to 241,298.47 points, while equity market capitalisation rose to N155.83 trillion. This placed the market at its highest reported level of the week.
On Thursday, Omatek led the gainers with a 9.60 per cent increase to N1.37, followed by Cornerstone Insurance at 9.18 per cent and Mansard at 9.09 per cent. First HoldCo also rebounded by 4.65 per cent to N135.00 after coming under pressure at the start of the week.
On Friday, Seplat led the gainers, jumping 10.00 per cent from N11,200.60 to N12,320.60 per share. Transcorp Hotels gained 9.76 per cent, while Omatek extended its advance by another 9.49 per cent to N1.50. DAAR Communications rose 9.42 per cent, and University Press gained 8.57 per cent.
However, significant declines remained across the market. Fidson Healthcare, which had fallen 9.99 per cent on Wednesday, declined another 9.98 per cent on Thursday to N75.80. On Friday, TotalEnergies Marketing Nigeria led the decliners with a 10.00 per cent fall to N576.00. Haldane McCall, eTranzact International and Austin Laz also recorded substantial losses.
The contrasting performances indicate that the broader market recovery was driven by buying interest in selected stocks rather than a uniform rise across equities.
Financial services stocks remained prominent in trading activity throughout the week.
On Thursday, Zenith Bank recorded the highest trading volume with 69.95 million shares worth N8.20 billion. Access Holdings followed with 45.37 million shares valued at N1.29 billion, while Guaranty Trust Holding Company recorded 37.47 million shares worth N4.81 billion.
Friday's trading was led by Jaiz Bank, which recorded 210.71 million shares worth N1.58 billion. Access Holdings followed with 42.33 million shares valued at N1.22 billion, while Zenith Bank traded 41.87 million shares worth N5.03 billion.
Friday's total market activity stood at 605.17 million shares traded in 38,421 deals, valued at N29.87 billion. Although volume was higher than Thursday's 499.96 million shares, the number of deals was lower than Thursday's 40,323.
Overall, the week's trading pattern showed an initial period of profit taking followed by a recovery in the final two sessions.
The NGX ASI fell from 239,085.17 points on Monday to 238,682.92 points on Wednesday, representing a 402.25 point decline from the previous reported session. It subsequently recovered 473.17 points on Thursday before posting a much stronger 2,142.38-point gain on Friday.
As a result, the benchmark ended Friday at 241,298.47 points, about 0.93 per cent above Monday's level.
The market capitalisation figures also reflected the late week recovery, rising from N154.14 trillion on Wednesday to N154.44 trillion on Thursday and N155.83 trillion on Friday.
The week's performance therefore ended on a positive note despite the early sell off. The sharp Friday advance was particularly important in pushing the benchmark above its Monday opening level, while the continued divergence between strong gainers and sharp decliners suggested that investors remained selective in positioning across the Nigerian equities market.
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