Nigerian Stock Exchange: ASI Inches Higher by 0.20% Amid Mixed Breadth

The Nigerian stock market concluded the week ended September 26 on a positive note. The Nigerian All-Share Index rose by 287.68 points, representing 0.20%, which is higher than the previous week’s gain of 0.92%. This modest gain is primarily driven by rallies in large-cap stocks such as Zenith Bank, Lafarge, and UBA.

The All-Share Index closed at 142,133.03 points, higher than the prior week’s close of 141,845.35 points. The market capitalization also increased from N89.744 trillion in the previous week to N89.96 trillion. This modest gain pushed the year-to-date return and monthly gain to 38.09% and 1.31% respectively.

All the indices closed higher by the end of the week, with the NGX Growth Index leading the gainers with an impressive surge of 16.30% followed by the NGX AIR Bank Value Index, which recorded a 3.10% gain. NGX Premium had a 0.48% gain. Conversely, the NGX Oil and Gas Index led the pack with a decrease of 1.62%, the NGX Insurance Index with a loss of 0.91% while the NGX AseM and NGX Sovereign Bond Index remained unchanged.

The week ended with 32 equities appreciated in prices, 51 equities declined in prices, and 64 equities remained unchanged.

Market Analysis

ASI Weekly Close: 142,133.03 points
•⁠ ⁠Market Capitalization: ₦89.960trillion
•⁠ ⁠Week-on-Week Change: 0.20%
•⁠ ⁠Year-to-Date Return: 38.09%

Top Gainers

THOMAS WYATT NIG. PLC. up 22.68%
SECURE ELECTRONIC TECHNOLOGY PLC up 21.33%
MECURE INDUSTRIES PLC up 20.83%
CHELLARAMS PLC. up 11.30%
ROYAL EXCHANGE PLC. up 10.29%

Top Losers

WEMA BANK PLC. -12.41%
FIDELITY BANK PLC -11.08%
ETERNA PLC. -10.00%
IKEJA HOTEL PLC -9.80%
AFRICA PRUDENTIAL PLC -9.09%

The Nigerian stock market performance in the review week reflected investors’ buying interest, signaling the beginning of another uptrend despite declines and mixed market sentiments. If the buying interest keeps rising, the market is likely to give an impressive bullish movement.