…The Banking Index led sectoral gains, climbing 1.72%, buoyed by notable advances in FIDELITYBK (+4.79%), FBNH (+3.13%), and FCMB (+2.59%)
SAT FEB 08 2025-theGBJournal|The Nigerian stock market sustained its positive momentum, closing the week on a bullish note as the NGX All-Share Index (NGXASI) advanced by 0.48% to settle at 105,933.03 points by close of trading Friday. Market capitalization rose correspondingly to N 65.59 trillion.
However, despite the upbeat performance, trading activity moderated, with total volume, value, and number of deals declining by 11.77%, 41.93%, and 17.20%, respectively.
The Banking Index led sectoral gains, climbing 1.72%, buoyed by notable advances in FIDELITYBK (+4.79%), FBNH (+3.13%), and FCMB (+2.59%).
The Insurance Index followed closely, appreciating 1.64%, driven by strong performances from NEM (+9.54%), PRESTIGE (+5.88%), and REGALINS (+8.45%). The Industrial Goods, Oil & Gas, and Consumer Goods indices posted modest gains of 0.77%, 0.11%, and 0.11%, respectively.
Market breadth remained strongly positive, with 40 gainers significantly outpacing 19 decliners, yielding an advance-to-decline ratio of 2.11x, further reinforcing the prevailing bullish sentiment. This is in consonance to the 4.03x return on the UD ratio signalling some level of profit-taking activity.
Overall, the sustained rally underscores continued investor confidence, particularly in banking and insurance equities, even as broader market participation showed signs of consolidation.
The NASD Over the Counter (OTC) market also ended in positive territory, with the NSI advancing by 0.42% to close at 3,184.87 points.
The bullish momentum is expected to persist, driven by a fresh round of corporate results and dividend announcements, with investor optimism leaning toward stocks with strong financial performance.
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