Trading on the Nigerian Exchange Limited (NGX) soared significantly last week as investors gained N837 billion, amid increased patronage for blue-chip stocks.

Last week, the NGX all-share index (ASI) edged up by 0.39 per cent to close at 201,698.89, amid improved full-year financials churned out by listed firms.

Market capitalisation also increased by 0.65 per cent to N129.81 trillion, mainly driven by the additional listing of 21.183 billion ordinary shares from FCMB and 5.07 billion ordinary shares from VFD Group. This represents a gain of about N837 billion from the N128.96 trillion recorded in market cap in the previous week.

Consequently, the year-to-date return improved to 29.62 per cent, reflecting sustained positive momentum in the market.

However, market breadth was negative at 0.51x, as 29 stocks gained while 57 declined, indicating that despite the overall market growth, more stocks recorded losses during the week and weak breadth. Also, trading activity slowed down compared to the previous week as the number of deals, trading volume, and total value traded fell by 40.10 per cent, 27.72 per cent, and 43.59 per cent week-on-week, respectively.

In total, investors traded 2.86 billion shares worth N113.76 billion across 216,067 deals, pointing to weaker market participation.

On the sectoral front, performance was largely mixed, reflecting a market driven by selective positioning rather than broad-based momentum.

The banking, oil and gas, and commodities indices recorded marginal gains of 0.71 per cent, 0.02 per cent, and 0.01 per cent respectively, supported by targeted buying interest in stocks such as GTCO, Etetna, Japaul Gold, Zichis and FCMB.

This suggested that investors remain willing to take positions in fundamentally sound or opportunistic names, even within a cautious market environment.

On the sectoral analysis, the insurance, consumer goods, and industrial indices declined by 4.25 per cent, 1.74 per cent and 0.24 per cent respectively, largely driven by profit-taking activities in stocks including May & Baker, Legend Internet, Consolidated Hallmark, Johnholt and Honeywell Flour Mills.

On the gainers’ chart, Multiverse led with a 20.7 per cent increase, followed by UPDC Reit with a 15.5 per cent gain. International Energy Insurance added 12.5 per cent while Austine Laz appreciated by 10.5 per cent.

Looking ahead into the coming week, Cowry Asset Management Limited said. The market is expected to trade with a mildly positive but cautious bias in the near term, as investors continue to rotate into fundamentally strong and liquid names.