NGX Gains in One Week As Banking Stocks Drive Rally
- The Nigerian Exchange posted a strong weekly performance, with the All-Share Index rising 6.35% as investors gained
- Financial Services stocks dominated trading, accounting for 79.48% of total turnover volume, led by First HoldCo, Zenith Bank, and Fidelity Bank
- Market sentiment improved significantly as 60 stocks advanced against 28 losers, with International Breweries emerging as the week's biggest gainer
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian equity market extended its bullish run during the week as investors added to the market value of listed companies, driven by renewed buying interest in banking and consumer goods stocks.
Data from the Nigerian Exchange (NGX) showed that the All-Share Index (ASI) advanced by 6.35% to close the week at 243,798.76 points, while market capitalisation rose to N156.445 trillion.
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The positive performance reflected stronger investor confidence, with gainers outnumbering losers by more than two to one.
Market statistics
A total of 3.648 billion shares valued at N220.568 billion were traded in 251,861 deals during the week. This compares with 3.821 billion shares worth N154.393 billion exchanged in 258,567 deals in the previous week.
Although the volume of shares traded declined slightly week-on-week, the value of transactions increased significantly, indicating stronger demand for higher-priced equities.
The Financial Services sector dominated market activity, recording 2.899 billion shares valued at N147.360 billion in 106,603 deals. The sector accounted for 79.48% of total trading volume and 66.81% of total trading value.
The Services sector followed with 164.914 million shares worth N3.615 billion traded in 16,375 deals, while the Consumer Goods sector ranked third with 157.451 million shares valued at N7.777 billion in 27,950 deals.
Trading activity was largely driven by First HoldCo Plc, Zenith Bank Plc, and Fidelity Bank Plc, which jointly accounted for 1.745 billion shares worth N121.828 billion traded in 31,053 deals. The three banking stocks contributed 47.85% of total equity turnover volume and 55.23% of total turnover value during the week.
Market breadth remained firmly positive as 60 equities recorded price gains, significantly higher than the 22 gainers posted in the previous week.
Meanwhile, 28 stocks declined, down from 57 losers recorded a week earlier, while 58 equities closed unchanged, compared with 67 in the preceding week.
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Top price gainers
- International Breweries Plc: N9.50 to N13.30 (+N3.80, +40.00%)
- RT Briscoe Plc: N10.15 to N13.40 (+N3.25, +32.02%)
- Livestock Feeds Plc: N7.20 to N9.25 (+N2.05, +28.47%)
- First HoldCo Plc: N55.00 to N69.20 (+N14.20, +25.82%)
- Abbey Bank Plc: N7.40 to N9.15 (+N1.75, +23.65%)
- UPDC Real Estate Investment Trust: N8.70 to N10.65 (+N1.95, +22.41%)
- Honeywell Flour Mill Plc: N14.00 to N17.00 (+N3.00, +21.43%)
- FTN Cocoa Processors Plc: N7.43 to N9.00 (+N1.57, +21.13%)
- Aradel Holdings Plc: N1,275.80 to N1,526.80 (+N251.00, +19.67%)
- C & I Leasing Plc: N5.35 to N6.40 (+N1.05, +19.63%)
Top price decliners
- McNichols Plc: N7.00 to N5.00 (-N2.00, -28.57%)
- Thomas Wyatt Nigeria Plc: N2.75 to N2.43 (-N0.32, -11.64%)
- Geregu Power Plc: N917.40 to N825.70 (-N91.70, -10.00%)
- CAP Plc: N175.10 to N157.60 (-N17.50, -9.99%)
- Guinness Nigeria Plc: N365.50 to N329.00 (-N36.50, -9.99%)
- Ecobank Transnational Incorporated: N95.20 to N85.70 (-N9.50, -9.98%)
- Mecure Industries Plc: N94.90 to N85.45 (-N9.45, -9.96%)
- Haldane McCall Plc: N3.92 to N3.53 (-N0.39, -9.95%)
- LivingTrust Mortgage Bank Plc: N3.76 to N3.39 (-N0.37, -9.84%)
- Fortis Global Insurance Plc: N3.22 to N2.91 (-N0.31, -9.63%)
Source: Legit.ng
