KEY POINTS
- During the week NGX ASI achieved a 1.2 percent weekly increase to close at 103,598.46 points.
- The Banking Index rose 4.1 percent to become the leading beneficiary of sectoral market gains.
- SCOA Nigeria retained the highest percentage gain throughout this period by achieving a 59.68 percent rise.
Data from the Nigerian Exchange Limited (NGX) All-Share Index (ASI) shows a 1.2 percent Week-on-Week (W/W) growth which took its closing point to 103,598.46 points.
A vibrant market emerged while the Year-to-Date metric reached 0.7 percent through a combination of 0.7 percent YtD return and scalar increases in trading value by 28.5 percent and trading volume by 36.3 percent.
The Banking Index rose 4.1 percent as the Industrial Goods Index increased marginally by 0.1 percent during the period. However, other sectors recorded declines: The Consumer Goods Index decreased -1.2 percent during this period and Insurance Index declined -1.2 percent while the Oil & Gas Index slipped -0.9 percent.
A total of 44 listed shares demonstrated price appreciation during this week which exceeded the 33 stocks from the previous week while 44 stocks displayed lower pricing performance than the 57 that declined last week. The numbers of unchanged equities rose to 64 from 62 in the previous week.
Top performers and market drivers
During the week SCOA Nigeria delivered the highest returns as its stock escalated by 59.68 percent. The major downturn observed during the week belonged to EUNISELL Interlinked Plc which lost 18.95 percent of its value and John Holt decreased by 18.47 percent.
The analysts at Cordros Research predict FY 2024 earnings results will drive increased market engagement throughout upcoming weeks.
Companies releasing unaudited FY 2024 financial results while declaring dividends should lead to stronger market sentiment and increased buying activity according to analysts.
InvestData Consulting Limited analysts predict investors will maintain ambiguous sentiment during portfolio shifts because of elevated corporate earnings targets and elevated inflation levels.
The market will experience sector adjustments and portfolio adjustments through value stock purchases during downward price movements.
Values potentially opening up because domestic market trends alongside ongoing patterns indicate an intensifying climate of volatility according to these experts.