weekly Market Wrap: Nigeria Stock Market Sustains Bullish Momentum as ASI Gains 0.92% to Close Above 141,000 Points.
Consumer Goods and Oil & Gas Lead Market Upswing Despite Banking and Insurance Declines
The Nigerian stock market extended a positive trend following a pull-back phase, as it concluded the weak September 19 on a positive note. The NGX All-Share index rose by 1,299.66 points, representing a 0.92% week-on-week gain to close at 141,845. 35 points.
Market capitalization increased from the previous week’s close of N88.922 trillion to N89.744 trillion in the review week, reflecting a correction of the bearish trend and renewed buying interest in select large-cap stocks, particularly within the banking and consumer goods sectors, ahead of anticipated corporate earnings releases.
The sectoral performance during the week was mixed. NGX Consumer goods led the pack of gainers with a 5.48% gain, followed by Oil and gas with a 2.79% increase. Also, Key indices such as NGX CG (-1.04%), NGX Banking (-2.57%), NGX Insurance (-4.67%), NGX Premium (-1.14%) recorded a decline, while NGX AseM remained unchanged
During the week, 40 equities appreciated, lower than 70 gainers in the previous week, while 41 equities declined in price, and 66 equities remained flat
Market Analysis
ASI Weekly Close: 141,845.35 points
• Week-on-Week Change: 0.92%
• Year-to-Date Return: 37.81%
• Market Capitalization: ₦89.744trillion
Top Gainers
GUINNESS NIG PLC up 28.60%
MULTIVERSE MINING AND EXPLORATION PLC up 21.30%
EUNISELL INTERLINKED PLC up 20.28%
E-TRANZACT INTERNATIONAL PLC up 11.71%
CHELLARAMS PLC. up 9.77%
Top Losers
OMATEK VENTURES PLC -18.18
CORNERSTONE INSURANCE PLC -15.42
SECURE ELECTRONIC TECHNOLOGY PLC -12.79
ROYAL EXCHANGE PLC -11.30
UNITED BANK FOR AFRICA PLC -9.24
