The Nigerian Exchange (NGX) closed the trading week on a bullish note, with investors gaining approximately ₦3.2 trillion as sustained buying interest in banking, telecommunications and oil and gas stocks lifted market performance.

The market capitalisation rose by 2.19 per cent, increasing from ₦143.946 trillion at the beginning of the week to ₦147.102 trillion at the close of trading on Friday.

Similarly, the NGX All-Share Index (ASI) advanced by 4,918.37 points, or 2.19 per cent, to close at 229,240.34 points, compared to 224,321.97 points recorded at the start of the week.

The positive performance pushed the market’s year-to-date return to 47.31 per cent, reflecting continued investor confidence in the equities market despite prevailing economic challenges.

Market breadth remained positive during the week, with 39 stocks posting gains against 14 losers, indicating broad-based buying across key sectors of the market.

Top-performing stocks included Airtel Africa, The Initiates Plc, Omatek Ventures, Daar Communications and Universal Insurance, while International Energy Insurance, Meyer Plc and Fortis Global Insurance ranked among the week’s biggest losers.

Market analysts attributed the strong rally to renewed investor appetite for fundamentally sound stocks, particularly in the banking, telecommunications and energy sectors, as investors positioned ahead of the release of second-quarter corporate earnings.

The week’s performance underscores the resilience of the Nigerian equities market and highlights growing optimism among investors as the earnings season approaches. Visit www.jocomms.com for more news.