The Nigerian equities market closed last week on a positive note, largely driven by gains in Wapco, Seplat, Access Holdings among others to boost the market capitalisation, which closed at N59.5 trillion, up from N59.215 trillion the previous week.

Specifically, Wapco gained 27.6% following the announcement of the proposed sale of the company’s majority stake to Huaxin Cement. It was followed by Seplat , which surged by 7.6% and Access Holdings gaining 6.9%.

As a result, the Nigerian Exchange, NGX All-Share Index (ASI) advanced by 0.7% Week on Week, W/W to 98,210.75 points from 97506.87points the previous week, with the Year-to-Date returns settling at 31.3%.

Market activity was robust, as trading volume and value increased by 21.8% W/W and 61.0% W/W, respectively. Sectoral performance mirrored the overall market sentiment, as the Insurance Index up 10.5%, Oil & Gas Index 4.8%, Industrial Goods Index 2.5%, Banking Index 1.3% and Consumer Goods Index 0.1%.

Meanwhile, Analysts have predicted mixed sentiments this week as year gets closer to the end. Investors and traders continue to reposition their portfolios, react to corporate announcements and consolidation taking place in different sectors ahead of year-end seasonality and four quarter, Q4 earnings reporting season in January 2025.

Commenting, analysts at Cordros Research stated: “Looking ahead, we expect choppy trading to persist as investors engage in selective positioning, focusing on fundamentally sound stocks ahead of the new year.”

Commenting as well on market outlook, analysts at InvestData Consulting said: “We expect mixed sentiments to continue on bargain hunting amidst profit taking, repositioning, low valuation and position taking by smart money for year-end. ‘‘Also, sector rotation and portfolio rebalancing continued in the market with investors taking advantage of pullbacks and correction to buy into value.

‘‘This is amid the volatility and pullbacks that add more strength to upside potential. Consequently, investors should take advantage of price correction. Also looking at the trends and events across the globe and domestically.”