Emmanuel OchayiThe Nigerian Equity Market ended the trading week on Friday, February 14, with notable gains, as the All-Share Index (ASI) and equities market capitalization increased by 2% and 2.78%, respectively. The ASI closed at 108,053.95, while the total market capitalization reached N67.418 trillion.
Investors saw a positive shift in stock prices, with 65 equities appreciating compared to 58 in the previous week. Meanwhile, 31 equities depreciated, an improvement from the 34 recorded earlier. Additionally, 54 equities remained unchanged, lower than the 58 from the previous week.
Join our WhatsApp ChannelDespite the general market uptrend, some indices recorded losses. The NGX Main Board declined by 0.79%, while the NGX Banking Index dropped by 0.24%. Other sectors that experienced declines included NGX AFR Bank Value (-0.39%), NGX AFR Div Yield (-1.26%), NGX MERI Growth (-1.03%), NGX Consumer Goods (-3.63%), and NGX Oil and Gas (-2.30%). The NGX Sovereign Bond Index remained flat.
Increase in Zenith Bank Shares
During the week, the Nigerian Exchange Limited (NGX) announced the listing of an additional 9,673,336,214 ordinary shares of 50 kobo each for Zenith Bank Plc. These new shares were listed on Monday, February 10, 2025.
The additional shares were part of Zenith Bank Plc’s hybrid capital raise, which included a Rights Issue and a Public Offer. The Rights Issue involved 5,232,748,964 shares at N36 per share, which was fully subscribed. The Public Offer, offering 4,440,587,250 shares at N36.50 per share, was oversubscribed by 160.47%.
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Following the listing, Zenith Bank Plc’s total issued and fully paid-up shares increased from 31,396,493,786 to 41,069,830,000 ordinary shares.
Investors Express Confidence
A stock market analyst, John Adewale, spoke on the recent market performance, saying, “The growth in the Equity Market shows increasing investor confidence. The successful subscription of Zenith Bank’s hybrid offer reflects strong demand for quality stocks.”
Another investor, Amina Yusuf, noted that “although some sector indices declined, the overall market sentiment remains positive. Investors are watching financial stocks closely, given the recent share increase in Zenith Bank.”
Market watchers believe that the trend in the Equity Market will depend on economic factors and corporate performance in the coming weeks. Many investors are optimistic that the market will maintain stability, especially with the increased activity in banking stocks.
Outlook for the Market
Traders and analysts are keeping a close watch on key market drivers, including economic policies, interest rates, and corporate earnings. The recent gains in the Equity Market indicate potential for further growth, but investors remain cautious about sector-specific declines.
With the overall market momentum remaining positive, stakeholders expect continued investment activities that could drive further gains in the coming weeks.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
