The Nigerian stock market recorded gains this week, with the All-Share Index rising by 1.06% to close the second week of September on a positive note, driven by renewed momentum in the banking sector.
ASI added 1,023.09 points, finishing at 97,456.62, up from 96,433.43 the previous week.
This growth was driven by strong price action in stocks like CAVERTON, BRISCOE, plus the banking sector which grew by 5%.
A total of 52 equities appreciated in value this week, compared to 36 in the prior week. Meanwhile, 31 equities declined, fewer than the 46 seen the previous week.
Market Performance
Market volume surged by 21%, with 2.57 billion shares traded this week compared to 2.12 billion in the previous week.
The market opened in the red on Monday, but gains on Tuesday carried through to Thursday and Friday, which both ended on positive notes.
A bullish run in the banking sector, which includes large-cap stocks, was a key driver, while non-banking stocks like CAVERTON and BRISCOE also posted notable gains.
Other Highlights
- The NGX Premium Index gained 3.06% in the second week of September, fueled by positive movement in banking stocks.
- NGX 30 and NGX Main Board Index also grew by 0.82% and 0.01%, respectively, reflecting the broader market’s upward trend.
- Meanwhile the NGX Banking Index outperformed, gaining 5.12%, and played a significant role in boosting overall market volume.
- The NGX Oil & Gas (2.00%), NGX Insurance (1.59%), NGX Consumer Goods (1.47%), and NGX Industrial Goods (0.17%) indices also ended the week on a positive note.
Top Gainers
CAVERTON OFFSHORE SUPPORT GROUP PLC led the gainers, surging by 59.75%. R T BRISCOE PLC followed closely with a 42.02% increase, while UPDC PLC rose by 36.92%.
Other notable gainers include:
- FBN HOLDINGS PLC: up 31.52%, closing at N29.00
- E-TRANZACT INTERNATIONAL PLC: up 30.08%, closing at N8.00
- BERGER PAINTS PLC: up 27.73%, closing at N23.95
- FLOUR MILLS NIG. PLC: up 22.47%, closing at N54.50
- ASSOCIATED BUS COMPANY PLC: up 15.38%, closing at N0.90
- FTN COCOA PROCESSORS PLC: up 15.23%, closing at N1.74
- Livestock Feeds PLC: up 15.04%, closing at N2.60
Top Losers
LEARN AFRICA PLC topped the losers’ chart, dropping by 22.15%. JULLIUS BERGER NIG. PLC and PZ CUSSONS NIGERIA PLC also saw declines, losing 17.89% each. Other significant losers include:
- DAAR COMMUNICATIONS PLC: down 12.16%, closing at N0.65
- SOVEREIGN TRUST INSURANCE PLC: down 11.11%, closing at N0.64
- TRANSCORP POWER PLC: down 9.99%, closing at N301.70
- NIG. FLOUR MILLS PLC: down 9.94%, closing at N43.50
- ACADEMIC PRESS PLC: down 9.93%, closing at N9.93
- UNIVERSITY PRESS PLC: down 8.99%, closing at N2.43
- SKYWAY AVIATION HANDLING COMPANY PLC: down 8.92%, closing at N24.00
Corporate Announcements
The week saw several key corporate developments:
- Zenith Bank PLC announced an extension of its rights issue and public offer.
- United Bank for Africa PLC reported key changes to its board of directors.
- Guaranty Trust Holding Company PLC released its Q2 2024 financial statement.
- Nigerian Flour Mills PLC passed its 2024 AGM resolution.
- Greif Nigeria PLC provided an update on its voluntary winding-up process.
Outlook
The index is expected to continue its bullish trend in the coming weeks, aiming to recover from its August low of 96,580 points.
Buoyed by rising market volume and renewed positive sentiment in the banking sector, the market will likely attempt to surpass the 100,000-point technical level.
