Investors Gain Over N1trn as NGX ASI Rises 0.87% w/w

Samuel Mobolaji

Investors on the Nigerian Exchange Limited (NGX) recorded a gain of N1.064 trillion last week as the All-Share Index (ASI) advanced by 0.87 per cent week-on-week to close at 104,496.12 points.

The market capitalisation also rose by 1.67 per cent to end the week at N64.709 trillion.

The notable difference between the ASI and market capitalisation growth rates was attributed to supplementary listings of ordinary shares by LASACO Assurance and FCMB Group, which bolstered market performance.

Sectoral performance was largely positive, reflecting strong investor sentiment. The NGX Consumer Goods Index led with a 4.01 per cent weekly gain, followed by the NGX Banking Index, which rose by 2.54 per cent. The NGX Commodity Index also advanced by 1.78 per cent, while the NGX Oil and Gas Index edged up by 0.97 per cent.

However, the NGX Insurance Index declined by 2.86 per cent, and the NGX Industrial Goods Index dipped by 0.52 per cent.

Market breadth remained positive, with 52 equities appreciating in price, 44 declining, and 54 remaining unchanged. Chellarams led the gainers’ chart with a 60.44 per cent surge to close at N6.53 per share. Vitafoam Nigeria followed with a 31.48 per cent increase to N31.95, while Beta Glass gained 20.98 per cent to settle at N71.50 per share.

On the losers’ side, Veritas Kapital Assurance topped the decliners’ list, falling by 29.68 per cent to N1.09 per share. MRS Oil Nigeria dropped by 18.96 per cent to N162.90, while NEIMETH International Pharmaceuticals declined by 14.52 per cent to N2.65 per share.

Trading activity remained robust, with a total turnover of 3.245 billion shares valued at N69.198 billion in 77,270 deals, compared to the previous week’s 3.132 billion shares worth N76.552 billion in 61,456 deals. The Financial Services Industry led in activity, accounting for 1.742 billion shares valued at N32.529 billion in 35,372 deals, contributing 53.69 per cent and 47.01 per cent to the total equity turnover volume and value, respectively.

The services Industry followed with 748.205 million shares worth N1.560 billion in 5,469 deals, while the Oil and Gas Industry recorded a turnover of 264.682 million shares valued at N16.786 billion in 10,515 deals.

Secure Electronic Technology, FBN Holdings (FBNH), and Japaul Gold and Ventures emerged as the top three traded stocks by volume, accounting for 998.467 million shares worth N6.604 billion in 4,426 deals, representing 30.77 per cent and 9.54 per cent of the total equity turnover volume and value, respectively.

With the continued positive sentiment in the market, investors remain optimistic about further gains in the coming weeks.