NGX Rises to N56.09trn as Investors Gain N50bn
The equities market capitalisation of the Nigerian Exchange (NGX) increased to N56.09 trillion as investors gained about N50 billion due to bargain hunting.
The All-Share Index (ASI) posted a weekly gain of 0.09% to close at 97,606.63 points, signaling a renewed bullish sentiment after previous week’s profit-taking activities.
In an emailed note, Cowry Asset Limited said the market rebound was driven by selective buying across sectors, as investors responded to attractive entry points in key mid and large-cap stocks.
Tracking annual inflation rate, year to date return advanced to 30.54%. Stockbrokers noted that equities market momentum was relatively weak in the face of higher traded volumes, fueled by rebalancing activities across small, mid, and large-cap stocks.
The weekly trade value nosedived by 76.24% week-on-week to N31.51 billion, while the traded volumes this week reversed last week’s decline by 3.92% week on week to 2.97 billion shares, all executed in 42,482 deals— a 7.5% increase from the previous week.
Sectoral performance was mixed during the week as 3 of 5 sectors posted weekly gains. Thus, the week closed with gains in sectors such as Banking Insurance and Oil & Gas respectively.
The Oil & Gas index continues to trend northward, appreciating by 1.57% week on week, driven by sustained demand in SEPLAT (+5.09%).
Similarly, the Banking (+0.47%) and Insurance (+0.08%) indices closed higher on the back of buying interest in FIDELITYBK (+13.08%) and MANSARD (+4.17%), respectively.
Elsewhere, the Consumer Goods (-1.25%) and Industrial Goods (-0.13%) indexes shed some value during the course of the week, following selloffs in NB (-3.33%) and WAPCO (-2.03%).
However, overall trading activity remained subdued, reflecting cautious sentiment ahead of key macroeconomic reports, including the September 2024 inflation figures.
Looking at the top advancers and decliners for the week, MECURE (20%), UPL (18%), LASACO (17%), FIDELITYBK (13%), and PZ CUSSONS (12%) as they emerged the top spot of attraction for equity investors.
Decliners include TRIPPLE G (60%), DAARCOMM (25%), AFRIPRUD (13%), REGALINS (12%) and TANTALIZER (10%). Overall, the equities market capitalisation of the Nigerian Exchange rose by N49.53 billion to N56.09 trillion. #NGX Rises to N56.09trn as Investors Gain N50bn
