Weekly Market Wrap: NGX Rebounds with 1.13% Weekly Gain as Investors Snap Four-Week Losing Streak
ASI rebounds 1.13% after four weeks of decline
The Nigerian All-Share Index closed on a positive note as the market made a significant increase of 1.13% by the week ending September 12. This significant gain is supported by gains in LAFARGE, ARADEL, and select FUGAZ banks that drove the surge. This increase in the Nigerian All-Share Index and market capitalization of 1.13% signifies a rebound after four weeks of decline.
The All-Share Index finished at 140,545.69, gaining 1565.68 points from the previous week’s close of 138,918.01 points. The market capitalization also increased to N88.922 trillion from N87.937 trillion in the prior week.
During the week, 70 equities increased in value, higher than 19 equities the previous week. 22 equities experienced declines, while 55 equities remained flat. The NGX Growth Index led the pack with an impressive increase of 10.25%. Additionally, the NGX Banking Index rose by 1.68%, driven by gains from ZENITH BANK, UBA, ACCESSCORP, GTCO, and FCMB. The NGX Insurance Index also climbed 2.45% on strong gains in REGENCY ASSURANCE (27.69%) and AIICO INSURANCE (19.48%). Only the NGX AseM Index remained stable, with no indices reporting a loss during the review week.
Market Analysis
Top 5 Gainers
E-TRANZACT INTERNATIONAL PLC: up 45.15%
REGENCY ASSURANCE PLC: up 27.69%
CHELLARAMS PLC: up 26.67%
DAAR COMMUNICATIONS PLC: up 23.26%
ROYAL EXCHANGE PLC: up 22.34%
Top 5 Losers
UNION DICON SALT PLC: down 18.33%
THOMAS WYATT NIG. PLC: down 16.33%
SECURE ELECTRONIC TECHNOLOGY PLC: down 10.42%
NIGERIAN ENAMELWARE PLC: down 10.00%
MAY & BAKER NIGERIA PLC: down 9.97%
Positive sentiment with 70 equities shows a strong bullish movement. With the ease in the market sell-off, a rebound can allow capitalizing on the market’s retracement.
