The Nigerian stock market closed the third week of September on a positive note, with the All-Share Index (ASI) rising by 0.81% as it inches closer to the 100,000-point milestone.
The ASI gained 791.37 points, finishing at 98,247.99, up from the previous week’s 97,456.62, with a total weekly market volume of 1.84 billion shares.
This upward movement was driven by impressive gains in stocks such as CAVERTON, FIDELITY BANK, and FIDSON HEALTHCARE, each surging by over 20%, contributing to the bullish momentum in the market.
However, the number of equities appreciating decreased to 41 from the previous week’s 52, while 40 equities saw declines, compared to 31 in the prior week.
Market Performance
Despite the gains, overall market volume fell by 28%, with 1.84 billion shares traded this week compared to 2.57 billion in the previous week.
All trading days, except Thursday, ended with gains above the opening price.
While the bullish trend in the banking sector continued, its pace slowed slightly, with FIDELITY BANK leading the charge, gaining 24.20%. Non-banking stocks like CAVERTON and FIDSON also saw significant upward movement.
Other Highlights
- NGX Premium Index advanced by 0.66%, supported by positive performance in UBA and MTNN.
- NGX 30 and NGX Main Board Index also posted gains of 1.09% and 1.00%, respectively, reflecting the broader market’s positive trend.
- NGX Banking Index rose by 1.26%, the NGX Insurance Index by 0.86%, and the NGX Oil and Gas Index edged up by 0.02%.
- On the flip side, the NGX Consumer Goods Index and NGX Industrial Goods Index dipped by 0.77% and 0.13%, respectively.
Top Gainers
CAVERTON OFFSHORE SUPPORT GROUP PLC led the gainers’ chart with a 45.28% increase. FIDELITY BANK PLC followed with a 24.20% rise, while FIDSON HEALTHCARE PLC saw a 21.76% jump. Other notable gainers included:
VITAFOAM NIGERIA PLC: up 21.55% (closing at N22.00)
MEYER PLC: up 20.93% (closing at N7.05)
MCNICHOLS PLC: up 20.57% (closing at N1.70)
ACADEMIC PRESS PLC: up 20.53% (closing at N3.17)
THOMAS WYATT NIGERIA PLC: up 16.47% (closing at N1.98)
DAAR COMMUNICATIONS PLC: up 15.38% (closing at N0.75)
GEREGU POWER PLC: up 15.00% (closing at N1150.00)
Top Losers
N NIG. FLOUR MILLS PLC topped the losers’ chart, falling by 18.97%, followed by MECURE INDUSTRIES PLC, which dropped 18.18%. Other significant decliners included:
R.T. BRISCOE PLC: down 12.88% (closing at N3.18)
CHAPEL HILL DENHAM: down 9.93% (closing at N101.60)
ABBEY MORTGAGE BANK PLC: down 9.88% (closing at N2.28)
JOHN HOLT PLC: down 9.74% (closing at N3.08)
SOVEREIGN TRUST INSURANCE PLC: down 9.38% (closing at N0.58)
FLOUR MILLS NIGERIA PLC: down 7.43% (closing at N50.45)
OANDO PLC: down 7.36% (closing at N82.50)
Corporate Announcements
Several key corporate developments took place during the week:
- Fidson Healthcare PLC: Entered a partnership agreement with Chinese firms.
- Regency Alliance Insurance PLC: Released its Q1 2024 financial statement.
- NPF Microfinance Bank PLC: Published its Q2 2024 financial results.
- Access Holdings PLC: Released its Q2 2024 financial statement.
Outlook
As positive sentiment continues to flow into the insurance and banking sectors, the All-Share Index is poised for further gains, as it eyes the 100,000-point mark.
Market participation is expected to continue in the fourth week of September, surging the index more.
