…Market capitalization gains N121.07 billion w/w to close at N56.58 trillion
SAT SEPT 28 2024-theGBJournal| NGX All-Share Index returned to record levels despite the recent hike in the monetary policy rate (MPR) with the market maintaining its upward momentum, as bullish sentiments dominated three of the five trading sessions.
Specifically, the All-Share Index climbed by 0.2% w/w to 98,458.68 points, driven by strong buying activity in SEPLAT (+10.0%), UBA (+6.2%) and FLOURMILL (+22.9%).
As a result, the MTD and YTD returns increased to +1.9% and +31.7%, respectively while market capitalization gained N121.07 billion w/w to close at N56.58 trillion.
All other indices finished higher with the exception of NGX Consumer Goods, NGX Lotus II, NGX Industrial Goods and NGX Growth which depreciated 0.15%, 3.31%, 0.04%,
and 0.26% respectively while the NGX ASeM and NGX Sovereign Bond indices closed flat.
Trading in the top three equities namely Japaul Gold & Ventures Plc, Mecure Industries Plc and Fidelity Bank Plc (measured by volume) accounted for 1.363 billion shares worth N9.472 billion in 4,050 deals, contributing 41.06% and 20.63% to the total equity turnover volume and value respectively.
Activity level was also positive as the trading volume and value rose by 46.0% w/w and 2.2% w/w, respectively.
Sectoral performance was mixed, with gains recorded in the Oil & Gas (+3.3%), Banking (+2.5%) and Insurance (+1.4%) indices, while the Consumer Goods (-0.1%) index settled lower. The Industrial Goods index closed flat.
The Financial Services Industry (measured by volume) led the activity chart with 1.430 billion shares valued at N23.659 billion traded in 22,745 deals; thus contributing 43.09% and 51.53% to the total equity turnover volume and value respectively.
The Oil and Gas Industry followed with 703.389 million shares worth N7.323 billion in 6,207 deals. The third place was the Healthcare Industry, with a turnover of 411.489 million shares worth N2.896 billion in 827 deals.
In the coming week, it is anticipated that investors will be cautious about leaving gains in the market, leading to intermittent profit-taking.
However, this is likely to be balanced by bargain-hunting activities as investors prepare for the upcoming Q3-24 earnings season.
In the medium term, we expect investors’ sentiment to be shaped by macroeconomic developments and movements in yields within the fixed income market.
Meanwhile, the market, during the week, saw C & I Leasing Plc, the largest Integrated Leasing Company in West Africa, led by Dr. Samuel Maduka Onyishi, the Chairman, and Mr. Lenin Ugoji, the Group Managing Director, at the Exchange to present their Fact Behind the Figures and ring the markets Closing Gong.
During the event which featured the Facts Behind the figures presentation, the Company’s CFO, Mr. Okey Nnake gave insight into the financial outlook of the business to give the public an overview of the exponential growth witnessed within the organization over the years and the progressive report of what is to come.
The Group MD shared how they have been able to traverse leadership transition over the past 3 decades with a proper business plan and use our vantage position to support the Nigerian economy.
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