The Nigerian equities market recorded a modest recovery last week, with the All-Share Index (ASI) rising by 0.09%, closing at 97,606.63 points, up from the previous week’s 97,520.54 points. This marked the return of bullish sentiment following a recent phase of profit-taking.
Investor interest in mid and large-cap stocks drove market capitalization to N56.09 trillion, reflecting a weekly gain of N49.53 billion. The year-to-date (YtD) ASI return now stands at 30.54%.
Analysts from Cowry Research highlighted that optimism around the upcoming Q3 earnings season, along with positive government reforms, fueled market confidence. However, overall momentum remained cautious, as trading volumes increased by 3.92% to 2.97 billion shares in 42,482 deals, while total trade value dropped by 76.24% to N31.51 billion ahead of the expected September 2024 inflation report.
Sectoral performance was mixed. The Oil & Gas sector led with a 1.57% rise, driven by Seplat’s gains. The Banking and Insurance sectors also saw growth of 0.47% and 0.08%, respectively, bolstered by FBN Holdings, LASACO Assurance, and PRESTIGE Assurance. On the downside, the Consumer Goods sector declined by 1.25%, while the Industrial Goods sector fell by 0.13%, with TRIPPLEG, Tantalizer, and Guinness leading the losses.
Top gainers included Mecure (+20%), UPL (+18%), and LASACO Assurance (+17%). Meanwhile, TrippleG suffered a steep 60% decline, followed by Daarcomm (-25%) and AFRIPRUD (-13%).
The Financial Services Industry led market activity, contributing 50.05% of the total equity turnover volume and 57.02% of the value. The Services and Agriculture sectors followed, with notable trading in stocks like Tantalizer Plc, Coronation Insurance Plc, and Fidelity Bank Plc, which together accounted for 54.80% of the total volume traded.
