The Nigerian Exchange Limited (NGX) sustained a bullish momentum during the week as strong investor interest pushed the market to another round of gains.
Investors traded a total of 3.695 billion shares worth ₦129.89bn in 148,077 deals, a marked increase from 2.422 billion shares valued at ₦76.62bn exchanged in 126,591 deals the previous week.
The week’s upbeat performance lifted the NGX All-Share Index (ASI) and Market Capitalisation by 4.48 per cent, closing at 155,645.05 points and ₦98.79tn, respectively.
According to the Exchange’s weekly report, all major indices finished higher except for a few, including the NGX Banking (-1.35 per cent), NGX Insurance (-1.10 per cent), NGX AFR Bank Value (-1.89 per cent), NGX AFR Div Yield (-1.12 per cent), NGX MERI Value (-0.03 per cent), and NGX Sovereign Bond (-0.18 per cent) indices, which recorded mild declines.
The Financial Services Industry maintained dominance on the activity chart, accounting for 2.362 billion shares valued at ₦54.38bn in 63,561 deals, contributing 63.91 per cent and 41.87 per cent to total equity turnover volume and value, respectively.
It was followed by the Oil and Gas Industry, which recorded 551.517 million shares worth ₦19.21bn in 10,539 deals, while the Consumer Goods Industry ranked third with 180.904 million shares worth ₦13.28bn in 19,428 deals.
Trading activity was largely driven by Fidelity Bank Plc, Japaul Gold and Ventures Plc, and Access Holdings Plc, which topped the volume chart. Together, these stocks accounted for 1.808 billion shares valued at ₦27.89bn across 10,817 deals, representing 48.94 per cent and 21.47 per cent of the total equity turnover volume and value, respectively.
Market breadth, however, was slightly negative. Forty-four equities appreciated in price during the week, lower than 52 recorded in the previous week. Conversely, 49 equities declined, compared to 41 in the preceding week, while fifty-three 53 equities remained unchanged.
Analysts attributed the positive market sentiment to renewed bargain-hunting and optimism ahead of third-quarter earnings releases.
Despite weakness in banking and insurance stocks, gains in industrial, energy, and consumer goods counters helped sustain the overall market uptrend.
They added that with liquidity remaining robust and yields in the fixed-income market moderating slightly, equities may continue to attract selective interest in the coming trading sessions.
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