“NGX Market Surges as Investors Gain N1.137 Trillion in a Week of Bullish Momentum”

A Week of Triumph for NGX

In a week marked by remarkable gains, the Nigerian Exchange Limited (NGX) once again showcased the resilience and potential of Nigeria’s equity market. The All-Share Index (ASI) closed at an impressive 105,451.06, a 1.80% appreciation from the previous week’s 103,586.33. Market Capitalisation also surged by 1.80%, reaching a historic N64.303 trillion, up from N63.166 trillion.

For investors, the gains translated to an additional N1.137 trillion, underscoring the bullish momentum that has gripped the market. This optimism was fueled by anticipation of fourth-quarter 2024 unaudited financial results and preparations for the dividend-earning season.

Reflection on Performance

While most indices closed higher, the week also highlighted areas of caution. Sectors like NGX Insurance, NGX AFR Bank Value, NGX AFR Div Yield, and NGX Consumer Goods saw slight declines, reflecting the diverse market dynamics. The NGX Industrial Goods sector experienced the most significant drop, shedding 6.91%.

The activity on the floor of the Exchange was robust, with a turnover of 4.698 billion shares worth N85.043 billion in 72,562 deals. This represented a significant increase compared to the previous week’s 2.618 billion shares valued at N69.742 billion in 47,953 deals.

The Financial Services Industry led the chart, contributing 73.86% and 47.97% of the total equity turnover volume and value, respectively. Within this, Wema Bank Plc, FBN Holdings Plc, and Universal Insurance Plc emerged as the stars, accounting for 35.74% of the total turnover in volume.

Winners and Losers

Multiverse Mining and Exploration Plc shone brightly, topping the gainers’ table with a 53.42% rise to close at N12.35 per share. On the flip side, Sunu Assurances led the laggards, declining by 36.52% to close at N7.30 per share.

The number of advancing stocks (51) was lower than the previous week’s 82, while declining stocks increased to 39 from 18. This mixed sentiment reflects an evolving market where opportunities and risks coexist.

Looking Ahead

As the market gears up for further milestones, analysts at Cowry Asset Management predict a sustained bullish run. Anticipation of positive financial results and dividend declarations is expected to fuel investor confidence.

However, amidst this optimism, investors are advised to focus on fundamentally sound stocks to navigate potential market volatilities and maximize returns. With stocks continuing to hit new historical highs, the NGX remains a fertile ground for wealth creation.

This week’s performance is not just a reflection of the market’s strength but also a testament to the growing confidence in Nigeria’s economic future. NAN