Nigerian equity has sustained rally for two consecutive weeks.

The Nigerian equity market continued its uptrend this week as investors react positively to the better-than-expected corporates earnings releases companies such as Stanbic, Zenith Bank and Access Bank.

Consequently, the All-Share index rose 1.2% in the last one week to 25,605.64 points, market capitalization gained ₦154.4billion this week to close at ₦13.4trillion and the loss so far this year moderated to -4.6%.

The volume and value traded advanced 106.2% and 48.4% to 441.9m units and ₦2.2bn respectively.

The most traded stocks by volume were TRANSCORP (117.2m units), UACN (88.0m units) and ZENITH (69.7m units) while ZENITH (₦1.8bn), GUARANTY (₦847.4m) and DANGCEM (₦624.1m) led by value.

The Oil & Gas and Banking indices gained the most, up 3.7% and 2.8% respectively due to buying interest in MOBIL (+10.0%) and ETERNA (+5.5%) as well as STANBIC (+5.4%) and GTB (+4.5%).

Similarly, price appreciation in CORNERSTONE (+17.9%), NIGERIAN BREWERIES (+8.1%) and HONEYWELL (+3.2%) buoyed the Insurance and Consumer Goods indices by 2.0% and 1.5% w/w. Lastly, gains in MTNN (+0.7%) and BUA CEMENT (+0.8%) spurred 1.5% and 0.4% uptick in the AFR-ICT and Industrial Goods indices respectively.

ROYALEX (+26.9%), CORNERSTONE (+17.9%) and UNIONDAC (+12.5%) led the top gainers while LASACO (-16.1%), TRIPPLEG (-12.0%) and ACADEMY (-10.0%) led the decliners.

Analysts from Afrinvest projected that the bourse would its rally next week, but investors are likely to pocket gains in the week ahead and “the resumption of FX sales could provide foreign investors with the long-waited opportunity to sell their stakes and limit exposure. Thus, we anticipate a mixed performance in the coming week,” they said.