Investors in the Nigerian Exchange Limited (NGX) experienced significant gains, with a cumulative profit of N1.137 trillion recorded last week.
This follows a 1.80% appreciation in the NGX All-Share Index and Market Capitalisation, which closed at 105,451.06 points and N64.303 trillion, respectively, up from the previous week’s 103,586.33 points and N63.166 trillion.
Despite mixed performances across various indices, the overall market sentiment remained bullish. Notable declines were seen in the NGX Insurance, NGX AFR Bank Value, NGX AFR Div Yield, NGX MERI Value, NGX Consumer Goods, and NGX Oil and Gas indices, which fell by margins ranging from 0.08% to 6.91%.
The NGX Industrial Goods index also saw a 0.26% dip, while the NGX ASeM remained unchanged.
The week’s trading volume rose significantly, with investors exchanging 4.698 billion shares worth N85.043 billion across 72,562 deals.
This marks a considerable increase compared to the 2.618 billion shares valued at N69.742 billion traded in 47,953 deals during the prior week.
The Financial Services Industry dominated market activities, accounting for 73.86% of the total equity turnover volume and 47.97% of value.
A total of 3.470 billion shares valued at N40.791 billion were traded in 34,364 deals.
Trailing behind were the Services Industry and the ICT Industry, with turnovers of 407.032 million shares worth N2.226 billion in 4,996 deals and 237.680 million shares valued at N3.628 billion in 5,280 deals, respectively.
Wema Bank Plc, FBN Holdings Plc, and Universal Insurance Plc led the activity chart by volume, contributing a combined 1.679 billion shares worth N20.838 billion across 4,922 deals.
This accounted for 35.74% of total equity turnover volume and 24.50% of value.
Multiverse Mining and Exploration Plc emerged as the top gainer, surging by 53.42% to close at N12.35 per share. On the flip side, Sunu Assurances led the decliners, dropping by 36.52% to end the week at N7.30 per share.
In total, 51 equities appreciated in price, down from 82 in the previous week, while 39 equities declined, up from 18. Sixty-two equities remained unchanged, a rise from the 52 recorded the prior week.
Analysts at Cowry Asset Management Ltd. forecast a continued bullish trend in the coming week, spurred by anticipation of fourth-quarter 2024 unaudited financial results and preparations for the dividend season.
They noted that favorable market valuations and positive sentiments are likely to keep stocks at historical highs.
However, they advised investors to focus on fundamentally strong stocks to maximize returns amidst the ongoing rally.
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