Nigeria’s equities market extended its winning streak to a fifth consecutive week, with the NGX All-Share Index leaping 7.33 per cent to close at 242,277.81 points but a sharp split in sectoral performance revealed that not all investors were sharing in the euphoria.
Market capitalisation swelled by N10.66tn to reach N155.99tn, driven by aggressive buying in industrial goods, oil and gas, and consumer goods stocks. Yet the financial services sector moved in the opposite direction, with banking and insurance stocks recording notable declines even as the broader market celebrated.
According to the Futureview Weekly Economic and Financial Markets Update, “all other indices finished higher except NGX CG, NGX Banking, NGX Insurance, NGX AFR Bank Value, NGX MERI Value, and NGX Sovereign Bond.” The NGX Banking index shed 5.52 per cent across the week, while the Insurance index fell 1.13 per cent, as investors rotated capital into sectors delivering stronger near-term returns.
The divergence was particularly striking given that the week covered only four trading sessions due to the Workers’ Day public holiday. Despite the disruption to trading activity and the pressure on financial stocks, the year-to-date return for the NGX All-Share Index climbed to an impressive 55.69 per cent — a figure that underscores the market’s sustained upward momentum through 2026.
Among corporate developments during the week, Neimeth Pharmaceuticals Plc launched a N2.4bn Rights Issue aimed at reinforcing its capital base, reflecting a broader trend of companies seeking to leverage the buoyant market environment for fundraising.
On the currency front, the naira faced renewed pressure at the official window. The Futureview report noted that the currency “depreciated by 121bps week-on-week to close at N1,374.94 per US dollar at the official NFEM window, reflecting persistent demand from corporate and institutional participants.” The parallel market held relatively steady at N1,400.00 per dollar, narrowing the spread between both rates to N25.06 — a development analysts view as a sign of gradual convergence between official and street pricing.
Looking ahead, Futureview analysts urged caution, advising investors to focus on “fundamentally strong stocks with attractive valuations” as global headwinds gather. Key variables being monitored include US labour market data and potential diplomatic shifts in the Middle East. “Markets will closely watch potential renewed US–Iran talks, which could influence oil prices and broader risk sentiment across equities, bonds, and currencies in the coming days,” the firm stated.
The overall picture is one of a market that remains broadly bullish but increasingly selective, with sector rotation shaping returns as much as the general trend.