The Nigerian Exchange Limited (NGX) kicked off the week with a bullish performance, driven by robust gains in the banking and consumer goods sectors, both surpassing 40% year-to-date growth. The All-Share Index (ASI) rose by 193.56 points, or 0.13%, to close at 145,948.47, reflecting a 1.3% weekly gain, a 15.69% increase over four weeks, and a remarkable 41.8% year-to-date return. The market capitalization now stands at N92.3 trillion.
The Banking Index advanced by 0.44%, achieving a 48.81% year-to-date gain despite a minor 0.39% weekly dip. The Consumer Goods Index outperformed with a 0.98% daily rise and a 4.2% weekly gain, pushing its year-to-date growth to an impressive 87.94%. Trading activity saw 2.12 billion shares exchanged in 40,425 deals, valued at N19.4 billion, though volume and turnover fell 5% and 40%, respectively, compared to the prior session. The number of deals, however, increased by 15%.
Of the 129 equities traded, 41 recorded gains, while 40 posted losses. Stanbic IBTC Holdings led the gainers, surging 10% to N111.10 per share, followed by The Initiates, UPDC, Sunu Assurances Nigeria, AIICO, and Veritas Kapital Assurance, each gaining 10% to close at N13.20, N8.69, N5.50, N3.85, and N2.31, respectively. On the downside, Abbey Mortgage Bank dropped 10% to N5.67, with Associated Bus Company also falling 10% to N4.50. UAC of Nigeria declined 9.99% to N75.25, while Haldane McCall and VFD Group fell 9.92% and 9.70%, closing at N4.36 and N12.10, respectively.
Linkage Assurance topped trading volume with 704 million shares, followed by Universal Insurance (231 million), AIICO Insurance (155 million), and Sterling Bank (120 million). The Insurance Index shone brightly, rising 9.74% for the day and boasting a 91.14% year-to-date gain. The Pension Index, however, dipped 0.05% daily and 0.7% weekly but maintained a 52.64% annual increase. Analysts attribute the market’s resilience to sustained investor confidence and sector-specific reforms, though global economic pressures may influence future performance.
