The All-Share Index showed a significant upward movement in September, surging by 1,979.25 points to close the month at 98,558.79 index points.
This increase represents a 2% rise as the index sought to correct itself following a low of 96,580.01 points.
The month recorded a robust trading volume of 10 billion shares, reflecting positive market sentiment in the index, as the banking sector resumed bullish price action.
Market Performance Highlights
Throughout the month of September, the All-Share Index demonstrated a remarkable resilience, propelled by positive sentiment particularly in the banking and oil and gas sectors.
This bullish momentum was evident as both the NGX 30 and the Premium Index mirrored the All-Share Index’s upward trajectory.
The NGX 30 recorded a modest gain of 1.89%, while the Premium Index experienced a more substantial rise of 4.5%, largely due to the strong performance of large-cap stocks such as Access Bank and First Bank.
Key index performances for September included:
- NGX Banking Index: Up by a striking 10%
- NGX Oil and Gas Index: Up by 7%
- Insurance Index: Up by a modest 1.36%
- NGX Consumer Index: Experienced a slight decline of 0.69%
- NGX Industrial Goods Index: Fell by 1.24%
Top Gainers
Leading the charge among gainers was CAVERTON OFFSHORE SUPPORT, which saw an high increase of 72.86% over the course of the month. Other notable gainers included:
BERGER PAINTS: Up by 47.55%
ABCTRANS: Up by 47.44%
ETRANZ: Up by 47.06% (closing at N7.50)
MEYER: Up by 46.23% (closing at N7.75)
UPDC: Up by 43.09% (closing at N1.76)
DEAP CAPITAL MANAGEMENT TRUST: Up by 38.64% (closing at N1.22)
FLOUR MILLS OF NIGERIA: Up by 38.50% (closing at N62.05)
SUNU ASSURANCES: Up by 32.81% (closing at N1.70)
INDUSTRIAL MEDICAL GASES NIGERIA: Up by 32.58% (closing at N35.00)
Top Losers
On the other end of the spectrum, CUTIX led the list of losers, experiencing a notable decline of 21.75%. Other significant downturns were observed in:
MULTVERSE: Down by 18.16%
INTERNATIONAL BREWERIES: Down by 17.89%
JULIUS BERGER: Down by 17.89% (closing at N140.00)
LEARN AFRICA: Down by 15.09% (closing at N3.20)
OKOMU OIL PALM: Down by 13.10% (closing at N363.00)
RTBRISCOE: Down by 9.86% (closing at N3.20)
JOHN HOLT PLC: Down by 9.74% (closing at N2.78)
CADBURY NIGERIA: Down by 9.39% (closing at N17.85)
DANGOTE SUGAR: Down by 8.05% (closing at N34.85)
Corporate Actions
A variety of corporate actions took place during September, reflecting a dynamic market environment:
- INTERNATIONAL BREWERIES PLC: Announced resolutions from its 2024 Annual General Meeting (AGM).
- STANBIC IBTC HOLDINGS PLC: Released its Q2 2024 financial statements, providing insights into its performance.
- ZENITH BANK PLC: Announced an extension of its rights issue and public offer.
- GUARANTY TRUST HOLDING COMPANY PLC: Released its Q2 2024 financial statements, shedding light on its operational results.
- NIGERIAN FLOUR MILLS PLC: Successfully passed resolutions at its 2024 AGM.
- GREIF NIGERIA PLC: Provided an update on its voluntary winding-up process, an important note for stakeholders.
- ACCESS HOLDINGS PLC: Released its Q2 financial statement for 2024.
- PZ CUSSONS NIGERIA PLC: Published its Q1 financial statement for 2025, marking the start of a new fiscal year.
- BUA Foods PLC: Announced plans for the expansion of its pasta production capacity, aiming to increase output.
- FLOUR MILLS OF NIGERIA PLC: Proposed the acquisition of minority shares by Excelsior Shipping Company Limited, indicating strategic growth plans.
Outlook
Looking ahead, the All-Share Index is poised to continue its upward trajectory as it seeks to recover from the lows experienced in August.
With the banking index demonstrating sustained bullish momentum, further gains are anticipated, particularly in light of the substantial trading volumes within this sector.
Additionally, it is expected that insurance stocks, which have recently stalled in price action, will experience a rebound in October, contributing to an overall positive market environment.
As investor sentiment remains optimistic, the outlook for the market appears encouraging as we move into the new month.
