The Nigerian equities market concluded the week on a positive trend, supported by consistent interest from bargain hunters who remained actively involved in stock trading for a four-day period. Consequently, the NGX All-Share Index (NGXASI) saw a 24 basis points uptick during the closing session, settling at 65,558.91 points compared to the previous 65,401.82 points.
The day’s upturn was fueled by investors’ interest in key stocks, amongst which were: NASCON Allied Industries PLC (+9.95%), Transnational Corporation of Nigeria PLC (+9.85%), Dangote Sugar PLC (7.95%), FLOURMILL (+1.08%), ACCESSCORP (+1.85%) and GTCO (+0.28%).
In addition, the year-to-date return climbed to 27.92%, accompanied by a 0.24% uptick in the overall market capitalization, ultimately closing at N35.88 trillion. This led to a significant boost in investors’ wealth by N85.98 billion.
However, market activity declined, with volume and value traded registering a decrease of 38.94% and 67.19% to 356.02 million units and N4.23 billion, respectively.
The Market Breadth, which measures investor sentiment through the Gainers/Losers ratio, increased to 1.29x from 0.49x, as 31 stocks appreciated, 24 stocks depreciated and 64 stocks closed flat.
We anticipate the continuation of bullish momentum into the upcoming week. We advise investors to invest in high-quality stocks with strong fundamentals supporting them.
Currency Market
The Nigerian Naira depreciated by 0.87% against the US Dollar in the I&E Window, closing at a rate of N778.42/USD.
