The Nigerian Exchange Ltd. (NGX) All-Share Index and Market Capitalisation both increased by 1.80%, closing the week at 105,451.06 and N64.303 trillion, respectively.
This marks a significant gain from last week’s figures of 103,586.33 and N63.166 trillion.
As a result, equity investors saw a collective gain of N1.137 trillion during the week. Despite some sectoral declines, such as in the NGX Insurance and NGX Oil and Gas indices, the overall market sentiment remained positive.
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The Financial Services Industry led the trading volume with 3.470 billion shares worth N40.791 billion exchanged across 34,364 deals, contributing 73.86% to the total turnover volume and 47.97% to the total turnover value. Other sectors, such as Services and ICT, also saw notable activity.
The top three most traded stocks by volume were Wema Bank Plc, FBN Holdings Plc, and Universal Insurance Plc, which collectively accounted for 1.679 billion shares worth N20.838 billion in 4,922 deals, contributing 35.74% of total volume and 24.50% of total value.
Multiverse Mining and Exploration Plc topped the gainers’ list with a 53.42% increase, closing at N12.35 per share, while Sunu Assurances led the decliners, falling 36.52% to N7.30 per share.
Looking ahead, analysts from Cowry Asset Management Ltd. forecast that the bullish momentum will continue, driven by expectations of strong fourth-quarter 2024 results and the upcoming dividend season. They recommended investors focus on fundamentally strong stocks to capitalise on the ongoing rally.
