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The Nigerian Exchange Limited (NGX) delivered a stellar performance this week, with the All-Share Index (ASI) and Market Capitalisation appreciating by 1.80% each. The ASI closed at 105,451.06 points, while Market Capitalisation settled at an impressive ₦64.303 trillion, compared to last week’s figures of 103,586.33 points and ₦63.166 trillion respectively. Top performing sectors are the financial, services and ICT industries.
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This remarkable growth translated into an aggregate gain of ₦1.137 trillion for equity investors over the review period.
Performance Highlights
While most indices recorded positive growth, the following sectors saw declines:
- NGX Insurance: -6.91%
- NGX AFR Bank Value: -0.08%
- NGX AFR Div Yield: -1.11%
- NGX MERI Value: -0.17%
- NGX Consumer Goods: -0.34%
- NGX Oil and Gas: -0.34%
- NGX Industrial Goods: -0.26%
The NGX ASeM Index remained flat throughout the week.
Market Turnover
A robust 4.698 billion shares, worth ₦85.043 billion, were traded across 72,562 deals during the week. This represents a significant increase compared to the previous week’s 2.618 billion shares, valued at ₦69.742 billion, exchanged in 47,953 deals.
Top Performing Sectors
- Financial Services:
- Volume: 3.470 billion shares
- Value: ₦40.791 billion
- Deals: 34,364
- Contribution: 73.86% (volume) and 47.97% (value)
- Services:
- Volume: 407.032 million shares
- Value: ₦2.226 billion
- Deals: 4,996
- ICT:
- Volume: 237.680 million shares
- Value: ₦3.628 billion
- Deals: 5,280
Most Traded Equities
The top three equities by volume were:
- Wema Bank Plc
- FBN Holdings Plc
- Universal Insurance Plc
These accounted for 1.679 billion shares, valued at ₦20.838 billion in 4,922 deals, contributing 35.74% (volume) and 24.50% (value) to the total equity turnover.
Gainers and Losers
- Top Gainer: Multiverse Mining and Exploration Plc surged by 53.42%, closing at ₦12.35 per share.
- Top Loser: Sunu Assurances dropped by 36.52%, closing at ₦7.30 per share.
In total, 51 equities appreciated in price, down from 82 in the previous week, while 39 equities declined, compared to 18 previously. 62 equities remained unchanged, an increase from 52 in the prior week.
Analyst Outlook
According to analysts at Cowry Asset Management Ltd., the market is poised to maintain its bullish trajectory in the coming week. This momentum is expected to be driven by:
- Anticipation of Q4 2024 unaudited financial results.
- Preparations for the dividend earning season.
- Favourable market valuations and strong investor sentiment.
“Investors are advised to focus on fundamentally sound stocks to maximize returns during the ongoing rally,” the analysts emphasized.
NGX reaching new historical high
With the NGX reaching new historical highs, the equity market continues to demonstrate resilience and growth potential. Investors should remain vigilant and leverage emerging opportunities to capitalize on Nigeria’s evolving financial landscape.
