The Nigerian Exchange (NGX) market experienced growth this week, adding N295 billion to its market capitalization as investors capitalized on undervalued stocks and upbeat Q3 earnings. The All-Share Index (ASI) climbed by 0.50%, closing at 97,722.28 points.
Stockbrokers attributed the positive momentum to sector rotation and portfolio rebalancing activities. This optimism was tempered by cautious trading, with 45 stocks declining compared to 39 gainers.
Weekly Market Insights:
- Trading Activity: Total volume and value of trades fell by 77.1% and 48.7% week-on-week, respectively, with 1.48 billion units valued at N38.88 billion exchanged in 44,795 trades.
- Sectoral Performance: The insurance, banking, and consumer goods sectors saw gains of 2.84%, 2.32%, and 0.60%, respectively. In contrast, the Oil & Gas and Industrial sectors recorded marginal losses of 0.29% and 0.20%.
Top Performers:
- Gainers: JOHNHOLT (+61%), EUNISELL (+46%), TANTALIZER (+34%), SUNUASSUR (+32%), and FLOURMILLS (+23%).
- Losers: DAARCOMM (-12%), OANDO (-10%), VFDGROUP (-10%), ABBEYBDS (-10%), and ELLAHLAKES (-7%).
The NGX market capitalization closed the week at N59.22 trillion, with analysts pointing to continued optimism for strong-performing sectors and undervalued stocks.
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