Equity market adds N77bn, approaches N60tn capitalisation

• Published On: 25 November 2024 at 11:08

Last week, the Nigerian equities market gained N77 billion, raising the overall market value to N59.29 trillion, approaching the expected N60 trillion benchmark.

The All-Share Index increased by 0.11% to close at 97,829.02 points, indicating bullish market sentiment.

A total of 1.95 billion shares worth N35.86 billion were exchanged in 48,553 transactions, up from 1.48 billion shares worth N38.88 billion in 44,795 transactions the previous week.

The Financial Services Industry led in volume, exchanging 1.041 billion shares worth N16.207 billion in 21,099 transactions. This represented 53.34% of the total equity turnover volume and 45.19% of the overall equity turnover value.

The Oil and Gas Industry came in second with 273.407 million shares valued at N6.717 billion in 5,489 deals, while the Services Industry came in third with 141.184 million shares worth N779.166 million in 3,072 deals.

Notably, trading in Japaul Gold and Ventures Plc, FBN Holdings Plc, and Access Holdings Plc resulted in a combined 461.5 million shares valued at N6.183 billion in 4,658 transactions, accounting for 23.64% of total stock turnover volume and 17.24% of total equity turnover value.

The week saw stronger performance in equities, with 52 stocks rising in price, up from 39 the week before. The top gainers were Eunisell Interlinked Plc (+60.72%), Tantalizers Plc (+57.33%), and John Holt Plc (+42.49%).

Conversely, 33 stocks fell, down from 46 the prior week. The most significant decliners were Mecure Industries Plc (-18.53%), Multiverse Mining and Exploration Plc (-17.61%), and FBN Holdings Plc (-7.97%).

The sector performance was mainly favorable, with four indexes rising, one falling, and the Information and Communication Technology index holding steady.

The Insurance and Consumer Goods indices led the gains, climbing 4.5% and 1.9% week on week, respectively, because to strong purchase demand in Sunu Assurance (+16.2%), Mansard Insurance (+13.4%), Unilever (+20.8%), and Dangote Sugar (+16.7%).

Similarly, advances in Wapco (+28.6%), Beta Glass (+9.5%), and Japaul Gold (+7.0%) helped lift the Insurance and Oil & Gas indices by 1.8% and 0.2%, respectively.

However, selloffs in Access Holdings (-7.5%) and Sterling (-5.6%) caused the Banking index to fall by 2.6%.