NGX: Market Sees Bearish Turn In 2024 As ASI Plunges By 1.4%

Nigerian Equities Market Surges with N409bn Gains In One Week

6 months ago
1 min read

In a week marked by positive price movements in the industrial goods sector, the Nigerian Exchange Limited witnessed a surge in market capitalization, resulting in a substantial N409 billion gain for equities market investors.

The All-Share Index rose by 1.12%, reaching 67,200.69 points, and market capitalization of listed equities increased by 1%, reaching N36.919 trillion.

READ ALSO: Nigerian Equities Surge To Global Top 3, As Returns Hit N8.7trn

Cowry Assets Management Limited analysts highlighted the market’s consolidation range, driven by expectations for the Q3 earnings season. Despite macroeconomic policy uncertainties and corporate closed periods, the market remained in a positive trend.

During the week, four out of five trading sessions were bullish, primarily due to positive price movements in the industrial goods index. Sectoral performance was mostly positive, with exceptions in consumer goods and banking sectors.

Over 1.470 billion shares worth N24.431 billion were traded by investors, with the Financial Services Industry leading in volume and value. Notable stock performers for the week included BUA Cement, CHI Plc, Nigerian Breweries, and Dangote Sugar.

However, some stocks, such as Prestige, Presco, Ecobank Transnational, and Sterling HoldCo, faced losses. Analysts foresee a mixed sentiment in the market in the upcoming week, with a keen eye on the inflation figure for September and the release of Q3 corporate earnings reports.

In a development, the Central Bank of Nigeria lifted the eight-year ban on forex provision for 43 items including cement, milk, and maize, a move aimed at boosting liquidity in the forex market. This action is expected to elicit positive reactions from foreign investors, further shaping the dynamics of Nigeria’s financial landscape.


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