The Nigerian equity market saw a significant rebound last week, gaining N319 billion as 51 stocks recorded appreciations. The All-Share Index rose by 0.72%, closing at 98,210.75, while market capitalisation reached N59.534 trillion.

Trading activity was robust, with a total of 3.893 billion shares worth N87.749 billion traded in 43,868 deals. This marked an increase from the previous week, where 3.194 billion shares valued at N54.850 billion were exchanged in 45,112 deals.

The financial services sector led trading activity, with 2.709 billion shares valued at N51.027 billion traded in 20,017 deals, making up 69.58% of the total volume and 58.15% of the total value. The consumer goods sector followed with 403.658 million shares worth N3.844 billion, while the industrial goods sector recorded 198.360 million shares valued at N10.328 billion.

FBN Holdings Plc, Wema Bank Plc, and Fidelity Bank Plc were the most traded stocks, with a combined 1.63 billion shares worth N28.982 billion exchanged in 3,226 deals, accounting for 41.74% of the total volume and 33.03% of the total value.

The overall market saw 51 stocks appreciate, up from 32 the previous week, while 30 stocks declined, down from 46. Learn Africa Plc led the decliners with an 11.75% drop, followed by Aradel Holdings Plc, which lost 10.06%. Other notable decliners included eTranzact International Plc and Red Star Express Plc, both with 10% declines.

On the positive side, Golden Guinea Breweries Plc led the gainers with a 45.95% increase, followed by Sunu Assurances Nigeria Plc at 29.49%. Lafarge Africa Plc gained 27.59%, while Secure Electronic Technology Plc and Cornerstone Insurance Plc saw gains of 27.27% and 25.00%, respectively.

In other developments, the Federal Government of Nigeria Savings Bonds for November 2024 were listed on the Nigerian Exchange Limited on December 6. The bonds include the FGS NOV 2026 with a 17.440% coupon rate and the FGS NOV 2027 with an 18.440% coupon rate. A total of N760.189 million worth of the 17.440% bond and N2.423 billion worth of the 18.440% bond were issued.

Meanwhile, global equity markets also saw positive movements, with the MSCI World equity index rising by 1.1% week-on-week, spurred by stronger-than-expected US economic data, including the addition of 227,000 jobs in November. This global optimism helped contribute to the positive outlook for the Nigerian Exchange.