On Wednesday, September 18, 2024, Nigeria’s equity market continued its upward trend, adding N314 billion to investors’ portfolios. The market capitalization rose from N56.133 trillion to N56.447 trillion, marking a gain of 0.56%. The All-Share Index also saw an increase of 545 points, closing at 98,230.92 points, up from 97,685.64 points the previous day.
The positive performance of the market was largely fueled by strong interest in several key stocks, including Geregu, FBN Holdings, Access Corporation, and Fidelity Bank. Other notable contributors to the market’s growth included Oando Plc and United Capital. As a result of this bullish momentum, the Year-To-Date (YTD) return for investors increased to 31.37%.
Market breadth was also favorable, with 28 stocks gaining value while 26 experienced losses. Leading the gainers was Sky Shelter Fund Plc, which surged by 9.99% to close at N179.45. Honeywell Flour followed closely with a 9.96% increase, closing at N5.41 per share. Other significant gainers included Meyer Plc, which rose by 9.95% to N6.41, and Academy Press, which increased by 9.89% to N2.89.
On the downside, Northern Nigeria Flour Mills topped the losers’ list, dropping by 10% to close at N39.15. Berger Paints also faced a decline, falling by 9.81% to N21.60 per share. Other companies that saw losses included Deap Capital Management and Trust Plc, which decreased by 9.68%, and Livestock, which fell by 9.09% to N2.40.
Despite the overall positive performance, trading activity showed a decline compared to the previous session. The total volume of shares traded was 361.30 million, valued at N7.57 billion, down 19.49% from the previous day’s 471.30 million shares worth N9.40 billion.
In terms of trading activity, Japaul Gold led the volume chart for the third consecutive time, with 64.04 million shares exchanged. Geregu, on the other hand, led in value, with transactions amounting to N1.34 billion.
The sustained interest in the stock market reflects a growing confidence among investors, driven by the performance of key players and the overall economic outlook. As the market continues to evolve, stakeholders are optimistic about further gains in the coming sessions.
The Nigerian stock market’s recent performance highlights a robust interest in equities, with significant contributions from major companies. Investors are encouraged to stay informed as market dynamics continue to shift, presenting both opportunities and challenges in the investment landscape.
