Economy
OPENING the week’s trading, the Nigerian Exchange Ltd.(NGX) market capitalisation advanced by N79 billion or 0.14 per cent to close at N56.536 trillion, from an opening of N56.457 trillion.
The All-share Index also added 0.14 per cent or 139 points, to close at 98,386.60 points, against 98,247.99 posted on Friday.
As a result, the Year-To-Date(YTD) return increased by 31.58 per cent.
Investors’ rally in the stocks of FBN Holdings, United Bank For Africa(UBA),Fidelity Bank, alongside,Nigeria Breweries and Transnational Corporation, among other advanced equities drove the market’s positive performance.
The market breadth closed positive with 32 gainers and 20 losers on the floor of the Exchange.
On the gainers’ chart, FCMB and McNichols led by 10 per cent each to close at N8.89 and N1.87 per share respectively.
Fidelity Bank followed by 9.93 per cent to close at N14.95, Tantalizers gained 9.84 per cent to close at 67k, while Flour Mill increased by 9.81 per cent to close at N55.40 per share.
Conversely,Berger Paints led the losers’ chart by 9.83 per cent to close at N21.10, Daar Communications trailed by 9.33 per cent to close at 68k per share.
Deap Capital Management and Trust Plc lost 9.09 per cent to close at 90k, Secure Electronic Technology Plc dropped 7.46 per cent to close at 62k per share.
Honeywell Flour also declined by 5.12 per cent to close at N4.63 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 18.06 per cent.
A total of 810.43 million shares valued at N8.29 billion were exchanged in 10,669 deals, compared to 554.22 million shares valued at N10.12 billion traded in 8,670 deals reported in the previous session.
Meanwhile, Mecure led the activity chart in volume and value with 400.08 million shares valued at N2.78 billion.
In its market review and outlook, Analysts at Cowry Asset Management Ltd., anticipated continuous bullish sentiment in the new week, with the market displaying resilience amid positive macro signals.
They said that this would be driven by portfolio rebalancing and strategic positioning in value-driven stocks.
According to the analysts,the recent dip in inflation and favorable quarter-end activities suggest that investor optimism may persist, creating entry
opportunities for those seeking fundamentally sound investments.
“However, we advise caution as market volatility remains a key factor.
“Investors should maintain a focus on quality stocks with strong growth prospects to navigate potential swings effectively,”they said.(NAN)
A.I
Sept. 24, 2024
Tags: Nigerian Exchange Ltd.(NGX)
