The Nigerian Exchange Ltd. (NGX) closed the week on a bullish note, with the All-Share Index (ASI) and Market Capitalisation appreciating by 1.80% each to settle at 105,451.06 points and N64.303 trillion, respectively. This marks a significant increase from the previous week’s figures of 103,586.33 points and N63.166 trillion, resulting in a total gain of N1.137 trillion for equity investors.
Market Activity Highlights
Trading activity surged during the week as investors transacted 4.698 billion shares worth N85.043 billion in 72,562 deals, compared to the previous week’s turnover of 2.618 billion shares valued at N69.742 billion across 47,953 deals.
Financial Services Industry: Led the activity chart with 3.470 billion shares valued at N40.791 billion, accounting for 73.86% of the total equity turnover volume and 47.97% of value.
Services Industry: Followed with 407.032 million shares worth N2.226 billion in 4,996 deals.
ICT Industry: Secured the third spot with a turnover of 237.680 million shares worth N3.628 billion in 5,280 deals.
Top Performers
Wema Bank Plc, FBN Holdings Plc, and Universal Insurance Plc emerged as the most traded stocks, collectively accounting for 1.679 billion shares worth N20.838 billion in 4,922 deals. This represented 35.74% of the total volume and 24.50% of value traded during the week.
Gainers:
Multiverse Mining and Exploration Plc led 51 advancing stocks, posting a 53.42% gain to close at N12.35 per share.
Losers:
Sunu Assurances topped the 39 decliners, shedding 36.52% to close at N7.30 per share.
Market Outlook
Analysts at Cowry Asset Management Ltd. project the bullish momentum will persist in the coming week, driven by anticipation of fourth-quarter 2024 unaudited financial results and preparations for the dividend season.
“Investors are encouraged to prioritise fundamentally sound stocks to maximise returns amidst the ongoing rally, as positive sentiment and favourable valuations push the market to new historical highs,” the analysts advised.
 closed the week on a bullish note, with the All-Share Index (ASI) and Market Capitalisation appreciating ...){kind=link}