NGX weekly: Investors gain N1.137trn as Wema, FBN, and Universal lead.

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The Nigerian Exchange Ltd. (NGX) ended the week on a positive note, with the All-Share Index and Market Capitalisation rising by 1.80% each to close at 105,451.06 and N64.303 trillion, respectively. This growth translates to a gain of N1.137 trillion for equity investors.

All other indices, except for NGX Insurance, NGX AFR Bank Value, NGX AFR Div Yield, NGX MERI Value, NGX Consumer Goods, NGX Oil and Gas, and NGX Industrial Goods, finished higher. The NGX ASeM closed flat.

A total of 4.698 billion shares worth N85.043 billion were traded in 72,562 deals, compared to 2.618 billion shares valued at N69.742 billion traded in 47,953 deals the previous week.

The Financial Services Industry led the activity chart, with 3.470 billion shares valued at N40.791 billion traded in 34,364 deals. The services and ICT industries followed.

Wema Bank Plc, FBN Holdings Plc, and Universal Insurance Plc were the top three equities traded, accounting for 1.679 billion shares worth N20.838 billion in 4,922 deals.

Fifty-one equities appreciated in price, while 39 depreciated, and 62 remained unchanged.

Multiverse Mining and Exploration Plc led the gainers’ table with a 53.42% increase, while Sunu Assurances led the losers’ table with a 36.52% decline.

Analysts predict a continued bullish momentum in the equity market, driven by anticipation of fourth-quarter 2024 unaudited financial results and preparations for the dividend-earning season. 

“Nonetheless, we advise investors to focus on fundamentally sound stocks to maximise returns amidst the ongoing rally,” the analysts said.

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