Investors gain N427bn as NGX ASI hits 98,210.75 points

Investors gain N427bn as NGX ASI hits 98,210.75 points

*Analysts predict sustained positive sentiment in equities market

The Nigerian Exchange (NGX) ended last week’s trading activities on a high note as investors reaped significant gains of N427 billion, with the All-Share Index (ASI) rising by 0.72 per cent week-on-week (W-o-W) to close at 98,210.75 points.

This performance added N427 billion to market capitalisation, which closed at N59.534 trillion, even as analysts have predicted sustained positive sentiment in equities market in the coming week.

However, sectorial performance of the market showed that the NGX Insurance Index led with a robust 8.45 per cent gain. The NGX Oil & Gas Index followed, advancing by 4.84 per cent, while the NGX Industrial Goods Index rose by 2.52 per cent W-o-W.

The NGX Banking and NGX Consumer Goods indices also closed in the green, up by 1.30 per cent and 0.13 per cent, respectively.

Market breadth remained positive, as 51 equities appreciated in price, surpassing the 30 decliners. Golden Guinea Breweries emerged as the week’s top gainer with an impressive 45.95 per cent increase to close at N5.40 per share. SUNU Assurance followed with a 29.49 per cent rise to N5.05, while Lafarge Africa appreciated by 27.59 per cent to close at N74.00 per share.

Conversely, Learn Africa topped the losers’ chart, shedding 11.75 per cent to close at N2.93 per share. Aradel Holdings lost 10.06 per cent to end at N465.00, while e-Tranzact International declined by 10.00 per cent to N6.75 per share.

Trading activity surged during the week, with a total of 3.893 billion shares worth N87.749 billion exchanged in 43,868 deals, compared to 3.194 billion shares valued at N54.850 billion traded in the previous week.

The Financial Services Industry dominated the activity chart, accounting for 69.58 per cent and 58.15 per cent of the total equity turnover volume and value, respectively. The Consumer Goods Industry followed, while the Industrial Goods Industry ranked third.

Top equities traded by volume were FBN Holdings, Wema Bank, and Fidelity Bank, which collectively accounted for 1.625 billion shares worth N28.982 billion in 3,226 deals, representing 41.74 per cent of total turnover volume and 33.03 per cent of value.

Investors remain optimistic about the NGX’s resilience, as the market continues to show promising growth across key indices.

Looking ahead, analysts at Cowry Assets Management Limited said, “the bullish momentum is expected to persist in the coming week, driven by continued investor interest in fundamentally sound stocks.

“From a technical perspective, the Nigerian Exchange (NGX) appears to be in a markup phase amidst ongoing recovery and market volatility. The candlestick patterns and momentum indicators suggest a balanced interplay of market strength and weakness. We continue to advise investors to take position in fundamentally sound stocks.”

The chief operating officer of InvestData Consulting Limited, Mr. Ambrose Omordion said “we expect mixed sentiments to continue on bargain hunting amidst profit taking, repositioning, low valuation and position taking by smart money for year-end. Also, sector rotation and portfolio rebalancing continued in the market with investors taking advantage of pullbacks and correction to buy into value.”