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Nigerian equities ended higher for the week, with a late two-day rebound in banks and selected insurers lifting the market after earlier losses.
The NGX All-Share Index gained 0.81% to 241,298.47, from 239,351.16 a week earlier, while market capitalisation rose to ₦155.83 trillion. Trading was limited to four sessions after the Eid-el-Maulud holiday on Tuesday.
Banks dominated activity, with AccessCorp, Zenith Bank, First HoldCo, GTCO, UBA and Fidelity Bank among the most traded stocks. First HoldCo changed 88.9 million shares on Wednesday and extended its rebound to close at ₦145.00. Zenith Bank also recorded nearly 70 million shares on Thursday.
Selected insurers gained ground late in the week. Cornerstone Insurance jumped 9.18% on Thursday to ₦5.35, while NEM Insurance finished the week 3.17% higher at ₦30.95. AXA Mansard gained 0.84% for the week to ₦12.00.
The energy sector was mixed. Seplat Energy surged 10% on Friday to ₦12,320.60, coinciding with payment of its 12 US-cent-per-share interim and special dividends. Meanwhile, TotalEnergies Marketing Nigeria fell 10% to ₦576. Brent crude also declined more than 5% over the week to around $88 a barrel, although the moves in the two listed energy stocks diverged sharply.
Other notable Friday gainers included Transcorp Hotels, up 9.76% to ₦265.50, and University Press, which rose 8.57% to ₦5.70.
Corporate actions remained a key focus. Honeywell Flour Mill and University Press had qualification dates on August 28, with their shares scheduled to trade ex-dividend from August 31. UPDC REIT is also paying a ₦0.40 interim dividend, with market notices pointing to an August 31 ex/record-date timetable and payment in early September.
Elsewhere, Guinness Nigeria reaffirmed its commitment to remain listed after reporting H1 revenue of about ₦265 billion and a 53% rise in profit after tax to ₦25.3 billion. Presco also secured a Court of Appeal victory that upheld its 2025 AGM resolutions and rights issue.
In the wider economy, external reserves stood at about $53.1 billion, while the naira closed around ₦1,337/$ at the official market. The monetary policy rate remained unchanged at 26.5%.
Attention now turns to September, with investors watching Nigeria’s return to FTSE Russell Frontier Market status on September 21, oil prices, banking momentum, insurance recapitalisation and upcoming corporate actions.
The week’s 0.81% gain masks a more volatile picture: after an extended losing streak, the market found fresh buying interest in banks and insurers late in the week, while company-specific catalysts, most notably Seplat’s dividend drove some of the moves.
