The Nigerian Exchange Ltd. (NGX) All-Share Index and Market Capitalization experienced a 1.80% increase, closing the week at 105,451.06 and N64.303 trillion, respectively.
This represents growth from the previous week's figures of 103,586.33 and N63.166 trillion. As a result, equity investors realized a total gain of N1.137 trillion during the review period.
Conversely, all remaining indices experienced gains, excluding NGX Insurance, NGX AFR Bank Value, NGX AFR Div Yield, NGX MERI Value, NGX Consumer Goods, and NGX Oil and Gas.
Furthermore, NGX Industrial Goods decreased by 6.91%, 0.08%, 1.11%, 0.17%, 0.34%, 0.34%, and 0.26%, respectively, while the NGX ASeM remained unchanged.
Meanwhile, this week's trading volume on the Exchange totaled 4.698 billion shares, valued at N85.043 billion across 72,562 transactions. This represents a significant increase compared to last week's volume of 2.618 billion shares, valued at N69.742 billion across 47,953 transactions.
Financial Services led market activity, with 3.47 billion shares valued at N40.791 billion traded across 34,364 deals, representing 73.86% and 47.97% of total equity turnover volume and value, respectively. The Services industry followed, trading 407.032 million shares worth N2.226 billion in 4,996 deals. The ICT industry ranked third, with 237.680 million shares traded for N3.628 billion in 5,280 deals.
Trading in the top three equities—Wema Bank Plc, FBN Holdings Plc, and Universal Insurance Plc—comprised 1.679 billion shares valued at N20.838 billion across 4,922 transactions. These transactions represented 35.74 percent and 24.50 percent of the total equity turnover volume and value, respectively.
Furthermore, 51 equities experienced price appreciation this week, a decrease from the 82 equities that appreciated the previous week. Thirty-nine equities depreciated in price, exceeding the 18 that did so the previous week, while 62 equities remained unchanged, an increase from the 52 recorded the previous week.
Multiverse Mining and Exploration Plc topped 50 other leading equities, exhibiting a 53.42% increase to close at N12.35 per share.
Sunu Assurances led 38 other declining equities, showing a 36.52% decrease to close at N7.30 per share.
Analysts at Cowry Asset Management Ltd. forecast that the equity market will maintain its bullish momentum in the upcoming week. They attribute this expectation to the anticipation of unaudited financial results for the fourth quarter of 2024 and the onset of the dividend earning season.
The analysts highlighted that positive sentiment is expected to dominate as stocks achieve new historical highs, supported by favorable market valuations and outlooks.
“Nonetheless, we advise investors to focus on fundamentally sound stocks to maximise returns amidst the ongoing rally,” the analysts said.
Culled from NAN