Capital Market Brief: Banking rotation lifts NGX ASI to fresh weekly high

The All-Share Index added 1.8% w/w on broad-based banking demand following Tier-1 recapitalisation updates. Foreign participation rose to 18.4% of value traded.

NGX ASI closed the week at 102,840 (+1.8% w/w; +14.2% YTD). Banking index outperformed at +4.1% w/w as the market priced in successful capital raises by two Tier-1 names. Foreign portfolio participation rose to 18.4% of weekly turnover from 11.6% the prior week.

Valuation gap to MSCI FM has narrowed but P/B at 0.82x still implies a discount. Watch for: Q3 earnings surprises on net-interest-margin expansion and any further capital-raise announcements by mid-tier banks.

Source: NGX / Outliers Markets