The Nigerian Exchange Ltd. recorded a weekly gain as the All-Share Index rose 1.03 per cent to 203,770.43, lifting market capitalisation to N131.166 trillion from N129.806 trillion the previous week. Investors gained N1.360 trillion in net value. Trading occurred over four days due to the public holiday on Monday, April 6 for Easter. All indices advanced except NGX Insurance and NGX Growth, which fell 3.64 per cent and 1.82 per cent respectively. A total of 3.361 billion shares valued at N151.948 billion were traded across 229,442 deals, up from 2.856 billion shares worth N113.597 billion in 215,287 deals the prior week. The Financial Services Industry led activity with 2.303 billion shares traded for N90.467 billion, accounting for 68.54 per cent of volume and 59.54 per cent of value. The Services and ICT sectors followed with 264.146 million and 214.578 million shares traded respectively. Trading in Access Holdings Plc, Wema Bank Plc and Guaranty Trust Holding Company Plc accounted for 33.45 per cent of volume and 32.54 per cent of value. Twenty-five equities gained against 54 that declined. Trans-Nationwide Express, Nigerian Exchange Group and Guinness Nigeria were top gainers. DN Tyre and Rubber Plc and Greif Nigeria Plc were delisted on April 9 for failing listing requirements. Access Holdings Plc listed 1.06 billion new ordinary shares on April 8.
The delisting of DN Tyre and Rubber Plc and Greif Nigeria Plc on April 9 reveals a quiet but firm enforcement of listing rules that often appear dormant in Nigeria's capital market. While the NGX's move signals a rare moment of regulatory clarity, it contrasts with years of leniency toward underperforming firms that have left retail investors holding near-worthless shares.
The broader market rally—adding N1.360 trillion in value—was driven largely by financial stocks, particularly Access Holdings, Wema Bank, and GTG, which together shaped over a third of total trading volume and value. This concentration suggests the market's direction is still heavily influenced by a narrow band of institutions, many tied to banking, while other sectors like insurance and growth stocks lag. The removal of two non-compliant firms may encourage confidence in market integrity, but only if applied consistently across the board.
For average Nigerian investors, especially retail participants, the delisting means potential loss of access to already illiquid assets, compounding the difficulty of exiting positions in underperforming companies. Meanwhile, the surge in financial sector trading offers paper gains but may not reflect real economic improvement outside the stock market.
This episode fits a long-standing pattern: selective enforcement in a market where visibility often favours headline-making rallies over structural reform.
