The Nigeria All-share Index Surges Past 145,000 Points, Signaling Strong Investor Confidence.
Heavyweight Stocks Lifted NGX Above N93 trillion
The Nigerian All-Share Index continued its upward momentum to conclude the week ended October 10, 2024, with a 2.37% weekly gain. The market ended each trading day during the week in the positive zone, driven largely by impressive performances in heavyweight stocks such as MTN, SEPLAT, and DANGOTE CEMENT, each gaining by 10.82%, 10%, and 9.50%, respectively.
The surge in the market drove the All-share Index above the 145,000 mark to close at 146,988.04 points, an advance of 3,404.00 points from the prior week’s close of 143,584.04 points. Market capitalization also increased from N91.135 trillion recorded in the previous week to N93.296 trillion. The rise in the All-share index and market capitalization represents a meaningful weekly capital gain. This extends the bullish momentum that has been running for several weeks.
The NGX Premium Index led the pack with a significant gain of 7.19% on the back of surges in MTN, SEPLAT, DANGOTE CEMENT and LAFARGE. The NGX Industrial Goods index gained the most among the sectors by 4.23%, followed by NGX Insurance with a gain of 3.69%. On the bearish side, the NGX Banking Index declined by 0.41%.
The week ended with 51 equities as gainers, 41 equities as decliners, while 55 equities remained flat.
Market Analysis
ASI Weekly Close: 146,988.04 points
• Market Capitalization: N93.296 trillion
• Week-on-Week Change: 2.37%
• Year-to-Date Return: 42.81%
Top Gainers
SOVEREIGN TRUST INSURANCE PLC up 16.73%
OMATEK VENTURES PLC up 12.30%
AXAMANSARD INSURANCE PLC up 11.81%
CHAMS HOLDING COMPANY PLC Up 11.69%
EUNISELL INTERLINKED PLC up 11.39%
CUTIX PLC. Up 11.11%
Top Losers
LIVINGTRUST MORTGAGE BANK PLC -14.61%
NEIMETH INTERNATIONAL PHARMACEUTICALS PLC -10.96%
UH REAL ESTATE INVESTMENT TRUST -9.98%
MEYER PLC. -9.85%
JULI PLC. -9.60%
P Z CUSSONS NIGERIA PLC.-8.51%
The impressive performance witnessed in the review week reflected that the market has recovered from its correction phase and increased investors’ optimism in the Nigerian large-cap stocks. If the bullish momentum continues, investors should look out for more gains in the last quarter of the year.
