Ayomide Otitoju
The Nigerian Exchange Ltd. (NGX) recorded a bullish performance last week, with the All-Share Index (ASI) climbing 1.80% to close at 105,451.06 points, while the Market Capitalisation rose to ₦64.303 trillion, compared to the previous week’s 103,586.33 points and ₦63.166 trillion respectively. The weekly gains added ₦1.137 trillion to investors’ portfolios.
Sectoral Performance
Most sector indices finished the week higher, except for declines in NGX Insurance, NGX AFR Bank Value, NGX AFR Div Yield, NGX MERI Value, NGX Consumer Goods, NGX Oil and Gas, and NGX Industrial Goods, which dropped by 6.91%, 0.08%, 1.11%, 0.17%, 0.34%, 0.34%, and 0.26%, respectively. The NGX ASeM index remained flat.
Trading Activity
The market saw an impressive turnover of 4.698 billion shares worth ₦85.043 billion in 72,562 deals, marking a significant rise from the previous week’s 2.618 billion shares valued at ₦69.742 billion in 47,953 deals.
Financial Services Industry led the activity chart, accounting for 3.470 billion shares valued at ₦40.791 billion traded in 34,364 deals, contributing 73.86% and 47.97% to total equity turnover volume and value, respectively.
Services Industry followed with 407.032 million shares worth ₦2.226 billion in 4,996 deals, while the ICT Industry secured third place with 237.680 million shares valued at ₦3.628 billion in 5,280 deals.
Top Performers
Wema Bank Plc, FBN Holdings Plc, and Universal Insurance Plc emerged as the most traded stocks by volume, contributing 1.679 billion shares worth ₦20.838 billion in 4,922 deals, representing 35.74% of the total volume and 24.50% of the total value.
Multiverse Mining and Exploration Plc led gainers with a 53.42% increase, closing at ₦12.35 per share.
On the losers’ table, Sunu Assurances recorded the steepest decline, shedding 36.52% to close at ₦7.30 per share.
Market Outlook
Analysts at Cowry Asset Management Ltd. predict sustained bullish momentum in the coming week, driven by expectations for unaudited Q4 2024 financial results and preparations for the dividend season.
“The market’s positive sentiment is likely to continue as stocks reach new historical highs, supported by favourable valuations and outlooks,” the analysts stated.
They advised investors to focus on fundamentally sound stocks to maximise returns during the rally.
