Lagos, Sept. 23, 2024 — The Nigerian Exchange Ltd. (NGX) opened the week with a market capitalization increase of N79 billion, or 0.14%, closing at N56.536 trillion. The All-Share Index also rose by 0.14%, adding 139 points to reach 98,386.60.
Thank you for reading this post, don't forget to subscribe!Investors rallied behind major stocks, including FBN Holdings, United Bank for Africa (UBA), and Fidelity Bank, contributing to the market’s positive trend. The breadth of the market was favorable, with 32 gainers compared to 20 losers.
Leading the gainers were FCMB and McNichols, each rising by 10% to close at N8.89 and N1.87 per share, respectively. Fidelity Bank followed closely with a 9.93% increase to N14.95. Other notable gains included Tantalizers, up 9.84% to 67k, and Flour Mill, which rose by 9.81% to N55.40.
On the downside, Berger Paints topped the losers’ list, dropping 9.83% to N21.10, followed by Daar Communications at 68k, down 9.33%. Deap Capital Management lost 9.09%, closing at 90k, while Secure Electronic Technology fell by 7.46% to 62k. Honeywell Flour also declined by 5.12% to N4.63.
Trade turnover decreased by 18.06%, with a total of 810.43 million shares valued at N8.29 billion exchanged in 10,669 deals, compared to 554.22 million shares worth N10.12 billion in the previous session. Mecure led both volume and value, trading 400.08 million shares valued at N2.78 billion.
Analysts at Cowry Asset Management Ltd. forecast continued bullish sentiment, driven by positive macroeconomic signals and strategic positioning in value-driven stocks.
They noted that the recent dip in inflation and favorable quarter-end activities could sustain investor optimism, creating opportunities for fundamentally sound investments.
However, they advised caution due to ongoing market volatility, emphasizing a focus on quality stocks with strong growth potential.
