The just-concluded banking sector recapitalisation has triggered renewed investor demand for bank stocks, lifting the index by 9.3 per cent last week.

The strong performance was driven mainly by increased buying interest in First Holdco Plc and Fidelity Bank Plc as investors continued to position ahead of the release of half-year earnings.

Following the banking sector last week was the consumer goods index with a 6.65 per cent gain, led by sustained buying interest in MCNichols and Vitafoam.

The insurance index also advanced by 0.25 per cent on price appreciation in Wapic, Veritaskap and Custodian.

On the other hand, the industrial goods index recorded the highest decline, shedding 6.26 per cent as investors took profit in BUA Cement and CAP. The oil and gas index also fell by 0.79 per cent following sell-offs in JapaulGold and Oando, while the commodity index closed the week flat.

Trading on the Nigerian Exchange Limited (NGX) ended the week on a mixed note as investors continued to rebalance their portfolios across major stocks.

The benchmark NGX All-Share Index (ASI) declined by 0.14 per cent week-on-week to close at 243,462.13 points, while the market capitalisation increased by about N612 billion to N157.06 trillion following the additional listing of 13.812 billion ordinary shares by Sterling Bank.

As a result, the market’s year-to-date return eased slightly to 56.45 per cent. Market breadth remained positive as 43 stocks gained compared with 34 losers, reflecting continued buying interest across several sectors of the market.

However, trading activity slowed during the week as investor participation weakened. The number of deals declined by 10.01 per cent, while trading volume dropped by 22.73 per cent and transaction value fell by 17.24 per cent week-on-week.

In all, investors exchanged 2.82 billion shares valued at N182.78 billion in 227,002 deals. Among the top-performing stocks, First Holdco led the gainers’ chart with a 38.7 per cent weekly return. It was followed by TIP, which appreciated by 27.2 per cent, Fidelity Bank with a 15 per cent gain.

On the losers’ chart, BUA recorded the biggest decline after losing 19 per cent. Redstar Express followed with an 18.5 per cent loss, while Jaizbank fell by 15.3 per cent.