BY Obinna F. Nwachukwu

The Nigerian Exchange (NGX) experienced a mixed but generally bullish week, with the overall market
capitalization surging past ₦156 trillion. While the All-Share Index (ASI) saw a marginal dip of 0.14% to
243,462 points, investors' wealth still grew by over ₦620 billion, driven heavily by positive half-year earnings expectations.

Key Market Highlights
Market Capitalization: Reached approximately ₦156.44 trillion.
Banking Sector Dominance: The financial sector continued to rule the trading floor, making up over 72% of total equity turnover volume. Stocks like First HoldCo, UBA, Zenith Bank, and GTCO drove market gains.
Top Performers: Major blue-chip companies, including Dangote Cement and Airtel Africa, bolstered the broader index, alongside International Breweries, which surged by up to 40%.

Notable Decliners: Profit-taking caused a dip in select heavyweight counters like BUA Cement, CAP, and Aradel Holdings, which saw temporary share price drops.  Volume Traded: Investors exchanged over 3.7 billion units of shares valued at upwards of ₦220 billion throughout the week.

Despite minor sell-offs and localized profit-taking, the market's Year-to-Date (YTD) return hovered at around 55%. Analysts attribute this to resilient corporate earnings, domestic institutional demand, and a realignment of portfolios ahead of the much-anticipated banking and insurance recapitalization deadlines.

A total turnover of 2.819 billion shares worth ₦182.499 billion in 226,729 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 3.648 billion shares valued at ₦220.568
billion that exchanged hands the previous week in 251,861 deals. The Financial Services Industry (measured by volume) led the activity chart with 2.006 billion shares valued at ₦99.697 billion traded in 96,171 deals: thus contributing 71.17% and 54.63% to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 178.863 million shares worth ₦7.872 billion in 26,637 deals. Third place was the Oil and Gas Industry, with a turnover of 151.237 million shares worth
₦38.309 billion in 16,879 deals. Trading in the top three equities, namely First Holdco Plc, FCMB Group Plc and Access Holdings Plc (measured by volume), accounted for 939.402 million shares worth ₦57.673
billion in 19,051 deals, contributing 33.33% and 31.60% to the total equity turnover volume and value respectively.

A total of 2.320 million units valued at ₦518.995 million were traded this week in 5,354 deals compared with a total of 2.034 million units valued at ₦576.010 million, transacted last week in 6,301 deals. The market’s year-to-date return eased to 55.61%. Although market breadth remained positive, the benchmark index was dragged lower by declines in a handful of highly capitalised stocks, underscoring the disproportionate influence of heavyweight counters on overall market performance.

Market Report
All-Share Index:242,145.61 points (-0.09%) Market Capitalisation:N156.21 trillion (-N32.16 billion) Year-to-Date Return:55.61%
Month-to-Date Return:5.6% Volume Traded:498.45 million shares (+4.64%)
Value Traded:N34.87 billion (+17.71%) Deals:39,484 transactions (-3.68%)
Market Breadth:27 gainers versus 23 losers

Top Five Gainers
First HoldCo (FIRSTHOLDCO):+9.96% to N87.25
McNichols (MCNICHOLS):+8.00% to N5.40
United Bank for Africa (UBA):+7.93% to N44.25
Veritas Kapital Assurance (VERITASKAP):+6.85% to N1.56
Jaiz Bank (JAIZBANK):+4.07% to N8.95

Top Five Losers
Eunisell Interlinked (EUNISELL):-10.00% to N189.00
BUA Cement (BUACEMENT):-9.99% to N275.60
Chemical and Allied Products (CAP):-9.61% to N142.45
Royal Exchange (ROYALEX):-9.55% to N1.42
Guinea Insurance (GUINEAINS):-5.38% to N0.88

Sectoral Performance
NGX Banking:+2.87%
NGX Consumer Goods:+0.30%
NGX Insurance:+0.16%
NGX Oil & Gas:+0.08%
NGX Industrial Goods:-2.85%
NGX Commodity: Unchanged

Market Highlights
The market’s weakness was concentrated in a few heavyweight stocks rather than broad-based selling.
BUA Cement emerged as the biggest loser on the market after plunging 9.99% to N275.60, erasing significant value from one of the Exchange’s largest capitalised companies and pulling the Industrial
Goods Index down 2.85%.

The decline was compounded by Chemical and Allied Products (CAP), which shed 9.61% to N142.45. Other notable laggards included Transcorp, Access Holdings, and PZ Cussons Nigeria, whose losses offset
gains recorded by major banking stocks.

Despite these losses, banking stocks posted strong gains.
The NGX Banking Index rose 2.87%, driven by rallies in First HoldCo, UBA, GTCO, and Zenith Bank, helping to cushion what could have been a steeper decline in the broader market.
SEPLAT led the value chart with N13.19 billion worth of shares traded, accounting for 37.82% of total market turnover, while JAPAULGOLD topped the volume chart with 77.66 million shares, representing
15.58% of total traded volume.

First HoldCo shares surged 9.96% to close at a record N87.25, lifting its market capitalization above N3.8 trillion for the first time. The stock has now gained 55.66% month-to-date and more than doubled since
the beginning of the year, supported by sustained institutional demand, recapitalization progress, and improving earnings expectations.
Analysts said last week’s trading session highlighted the growing influence of heavyweight stocks on overall market direction.

Although gainers outnumbered losers, the sharp decline in BUA Cement alone was enough to outweig strong advances across much of the banking sector.
The divergence between positive market breadth and a lower index close suggests investor sentiment  remains constructive, with profit-taking concentrated in selected blue-chip stocks rather than reflecting widespread selling pressure.

Analysts expect the market to remain broadly resilient as investors continue repositioning ahead of the half-year earnings season. However, profit-taking in recently appreciated heavyweight counters—particularly within the industrial goods sector—could continue to generate intermittent volatility, even as banking stocks maintain strong momentum.

NGX Earnings Summary
The unlisted NASD Securities Index (NSI) closed slightly bullish on Friday, rising 0.04% to close at 4,320.67 points from 4,318.87 points on Thursday. The total volume traded declined to 777,002, valued
at N63.53m, across 33 deals. At the close of trading, the NASD OTC recorded one (1) gainer and one (1) loser.

Global Indices
Global equities closed lower on Friday, as major stock markets registered broad-based declines. Japan’s Nikkei 225 led the weakest-performing major index, ending the session at 66,835.54 index points.

AFEX Commodity Prices
AFEX Commodity Exchange closed with all commodities unchanged on Friday.
LCFE Commodity Price(s)
Eko Gold, Premium Eko Rice, and Eko Rice Classic prices at the Lagos Commodities and Futures Exchange (LCFE) remained unchanged on Friday, closing at N140,000.00 per gram, N47,000.00 per 50kg, and N55,000 per 50kg, respectively.

Global Commodity Prices
Gold and Silver advanced by 0.44% and 0.04%, respectively, to close at US$4,005.42 and US$55.88.
Meanwhile, Brent and WTI crude futures increased by 2.30% and 2.27%, respectively, to close at US$86.17 and US$80.74 as of 03:11 PM GMT on Friday, after the U.S. and Iran stepped up attacks across the Gulf, with shipping threatened by a potential Red Sea closure on top of the restricted traffic through the Strait of Hormuz.
Currency / FX Market

The average BDC rate closed flat at N1,415/USD, while the NFEM rate also appreciated by 0.10% to
N1,380.18/USD from N1,381.53/USD.