Stockholders Gain N1.3trn as NGX Index Expands by 1.35%
Stockholders, or equities investors, gained about N1.3 trillion as the Nigerian Exchange (NGX) All Share Index expanded by 1.35% week on week to a new high.
The market extended its winning streak this week, climbing to a new 52-week high and brushing the 149,000 psychological mark before settling at 148,977.64 points, representing a 1.35% week-on-week gain.
The benchmark—NGX All-Share Index advanced by 1.35% to reach 148,977.64 points, while market capitalisation increased by N1.3 trillion to reach N94.56 trillion.
The uptrend was driven by renewed buy interest in mid and large cap blue-chip stocks and strategic sectoral reallocation by investors amid consumer price index decline, reflecting in the September inflation rate slowed to 18.02%.
The year-to-date (YTD) return of the NGX All-Share Index (ASI) now stands at an impressive 44.74%, underlining the market’s resilience.
Overall, market breadth remained positive at 1.27x, with 52 gainers against 41 losers, reflecting broad-based optimism across all five trading sessions. Trading activity was somewhat mixed.
While the total volume of shares traded rose 5.93% to 2.42 billion units, the total value of transactions declined 15.53% to N76.98 billion compared to N91.14 billion in the prior week.
Similarly, total deals fell 8.36% to 126,744 trades, suggesting a more stock-selective trading pattern despite upbeat sentiment, transactions records on NGX platform revealed.
Performance across sectors was largely bullish, save for the NGX Banking Index, which slipped 0.13% week-on-week. Stock analysts at Cowry Asset Limited attributed the dip to mild corrections in GTCO, ACCESSCORP, and UBA as investors rebalanced their portfolios.
In contrast, the Industrial Goods and Insurance indices topped the chart, advancing 2.79% and 2.56%, respectively. The Consumer Goods, Commodities, and Oil & Gas indices also posted gains of 1.93%, 1.60%, and 0.04%, respectively, supported by renewed buying interest.
Market leaders for the week included SOVRENINS (+11.2%), ROYALEX (+11.1%), EUNISELL (+10%), SFSREIT (+9.9%), and OMATEK (+9.5%), which benefited from sustained investor demand.
On the flip side, TRIPPLE GEE (-18.8%), ACADEMY (-17.9%), REGALINS (-13.9%), LIVINTRUST (-13.5%), and IMG (-9.9%) closed the week as the worst performers, driven by profit-taking and weak investor appetite.
With the market index inching closer to the 150,000-resistance zone, market sentiment remains upbeat. Cowry Asset Management Limited told investors in a report.
Stockbrokers expect a potential breakout above this threshold, especially if Q3 corporate earnings outperform expectations. Nonetheless, short-term profit-taking may surface as traders lock in gains from recent rallies.
Looking ahead, the bullish momentum is expected to persist as the market potential and attractive positions of several tickers present a rewarding upside.
Investment firm Cowry Asset Limited thinks overall, market performance will likely hinge on macroeconomic developments and policy signals from monetary authorities. # Stockholders Gain N1.3trn as NGX Index Expands by 1.35% MTN Nigeria Rallies Amidst Strong Earnings Expectations
