The Nigerian Stock Exchange (NGX) closed the last trading session of the week with a slight upward trend in key market indices, despite a mixed performance across various sectors. Friday’s trading session saw a total of 460.86 million shares exchanged in 8,772 deals, accumulating to a market value of NGN 9.53 billion.
The trading volume on Friday marked a 15% improvement compared to the previous trading session on Thursday, October 24. However, this increase in volume was coupled with a 39% decline in turnover and a 5% drop in the number of deals. Despite these variations, the overall market capitalization of the NGX stood at NGN 60.3 trillion, reflecting sustained investor interest in the exchange.
Market Movers and Shakers
A total of 117 NGX-listed equities were actively traded, with 40 stocks advancing while 14 recorded losses. Leading the gainers’ chart was CAP, which experienced a 10% rise in its share price, closing at NGN 38.50 per share. Other top gainers included Livestock Feeds (+10%), Eunisell Interlinked (+9.72%), and May & Baker Nigeria (+9.56%).
On the flip side, Daar Communications led the list of decliners with a 9.86% depreciation in its share price, closing at NGN 0.64 per share. McNichols followed with a 5.1% loss, while FTN Cocoa Processors and Fidelity Bank recorded price declines of 4.76% and 2.72%, respectively.
Chams led in trading volume, with a notable 97.7 million shares traded. United Bank for Africa (UBA) followed with 88.5 million shares, while Sterling Bank and Access Holdings exchanged 32.3 million and 28.2 million shares, respectively.
Performance of NGX Market Indices
The benchmark NGX All-Share Index (ASI) recorded a modest increase of 0.26%, gaining 258.96 points to close at 99,448.91. This performance translated to a 1-week gain of 1.41% and a 4-week gain of 0.94%, adding to an impressive year-to-date growth of 33%.
Other key indices showed varied performances:
- NGX Top 30 Index recorded a slight decline of 0.06% but maintained a 1-week gain of 1.47% and a year-to-date gain of 32.9%.
- NGX Insurance Index led the sectoral gainers with a 1.42% increase, bringing its 1-week performance to 4.04% and its year-to-date growth to 39.78%.
- NGX Banking Index saw a 0.76% rise, with a notable 7.86% gain over the past week and an 11.37% increase year-to-date.
- NGX Oil & Gas Index posted a marginal gain of 0.13%, contributing to a 3.95% rise over the past week and a significant year-to-date gain of 118.54%.
- NGX Consumer Goods Index experienced a slight uptick of 0.11%, though it recorded a 0.84% loss over the past week, maintaining a strong year-to-date growth of 39.07%.
Market Sentiment and Outlook
The mixed results in Friday’s trading session highlight the cautious optimism among investors as they navigate a challenging economic environment. While the market experienced a decline in turnover, the improved trading volume suggests sustained investor activity, driven by positive sentiment in certain sectors like insurance and oil & gas.
As the NGX heads into the final trading week of October, analysts predict that the market’s performance will be influenced by third-quarter corporate earnings releases and macroeconomic indicators. Investors are particularly attentive to developments in the financial sector, which has shown resilience as reflected in the performance of the NGX Banking Index.
With a year-to-date gain of 33%, the NGX remains one of the stronger performers in the region, and market watchers are hopeful that this trend will continue as Nigeria’s economic policies evolve.
