Investors Gain N2.16trn as Bullish Momentum Sustains on NGX

The bullish sentiment on the Nigerian Exchange (NGX) persisted last week, as investors raked in ₦2.16 trillion in market value following renewed interest in large-cap stocks.

At the close of trading, the All-Share Index (ASI) rose by 2.37% to settle at 146,988.04 points, while the market capitalisation climbed to ₦93.30 trillion from ₦91.13 trillion the previous week. Year to date, the market has now posted an impressive 42.81% return.

A total of 2.286 billion shares valued at ₦91.14 billion were traded in 138,301 deals, reflecting continued strong participation by investors.

During the week, 51 equities appreciated in price, compared to 53 in the preceding week. Meanwhile, 41 equities declined, down from 43 previously, while 55 stocks closed unchanged, higher than 51 recorded the week before.

All sectoral indices ended in positive territory except the NGX Banking Index (-0.41%), NGX ASeM Index (-9.44%), and NGX AFR Bank Value Index (-1.00%), which recorded marginal declines.

Top 10 Gainers

Sovereign Trust Insurance emerged as the top gainer, appreciating by 16.76% to close at ₦3.21 from ₦2.75.

Other major gainers include Omatek (12.30%), Mansard (11.81%), Chams (11.69%), and Eunisell (11.39%).

Also on the top 10 gainers’ list were Cutix (+11.11%), MTN Nigeria (+10.82%), Seplat (+10.00%), SFS REIT (+9.97%), and Deap Capital (+9.76%).

Top 10 Losers

On the losers’ chart, Living Trust Insurance led the pack, declining by 14.61% to close at ₦5.20 from ₦6.09.

It was followed by Neimeth (-10.96%), UHOMREIT (-9.98%), Meyer (-9.85%), and Juli (-9.60%).

Other notable decliners included PZ Cussons (-8.51%), HMCALL (-7.21%), Thomas Wyatt (-7.10%), eTranzact (-6.25%), and ABC Transport (-5.81%).

Market analysts say the sustained rally reflects investor confidence in the long-term prospects of the Nigerian equities market, driven by robust corporate earnings and positive macroeconomic expectations ahead of Q4.