AfriPulse
The Nigerian All-Share Index closed the week ended September 12 on a positive note, advancing by 1,565.68 points to settle at 140,545.69, ending a four-week losing streak.
This marks a 1.13% rise from 138,980.01 in the previous session, supported by gains in LAFARGE, ARADEL, and select FUGAZ banks that drove the rally.
Trading activity also picked up, as weekly market volume jumped to 3.19 billion shares, up from 3.11 billion the week before.
Market capitalization mirrored this bullish momentum, adding nearly a trillion to close at N88.92 trillion, compared to N87.93 trillion previously.
Market breadth further highlighted the positive sentiment:
- A total of 70 equities gained during the week, a significant jump from 19 in the prior week.
- Meanwhile, 22 equities lost value, down sharply from 64, while 55 remained unchanged.
Market overview
The All-Share Index kicked off a bullish run after four consecutive weeks of losses, closing higher as it rebounded from the previous week’s decline.
Momentum carried the market from a strong open on Monday through Thursday before easing on Friday with a dip of 111.6 points.
Key highlights
- The NGX Premium Index gained 1.04%, supported by notable advances in LAFARGE (13.27%), ZENITH BANK (4.78%), UBA (4.17%), and ACCESSCORP (3.47%).
- NGX 30 Index edged higher by 0.86%, while the NGX Main Board Index outperformed with a stronger gain of 1.15%.
Sectoral performance
- Insurance sector led the way, with the NGX Insurance Index climbing 2.45% on strong gains in REGENCY ASSURANCE (27.69%) and AIICO INSURANCE (19.48%).
- Oil and gas names followed closely, pushing the NGX Oil and Gas Index up 2.38%, supported by a 6.6% jump in ARADEL and a 1.80% lift in OANDO.
- The NGX Banking Index advanced 1.68%, supported by sub-5% gains in FUGAZ stocks (ZENITHBANK, UBA, ACCESSCORP, and GTCO), while FCMB, FIDELITY, and WEMA BANK also posted modest increases of less than 3%.
- The NGX Industrial Goods Index rose 1.13%, driven by a 13% rally in LAFARGE, while the NGX Consumer Goods Index edged up 0.98% on the back of a similar 13% gain in CHAMPION BREWERY.
Top gainers
Leading the pack was E-TRANZACT INTERNATIONAL PLC, which soared 45.15% week-to-date, marking a standout performance. REGENCY ASSURANCE PLC followed with a gain of 27.69%.
Other major gainers included:
- CHELLARAMS PLC: up 26.67% to N13.30
- DAAR COMMUNICATIONS PLC: up 23.26% to N1.06
- ROYAL EXCHANGE PLC: up 22.34% to N2.30
- UNIVERSITY PRESS PLC: up 19.80% to N5.99
- NCR (NIGERIA) PLC: up 19.69% to N15.20
- AIICO INSURANCE PLC: up 19.48% to N4.17
- CHAMS HOLDINGS COMPANY PLC: up 16.07% to N3.25
- CHAMPION BREWERIES PLC: up 13.33% to N17.00
Top Losers
On the flip side, UNION DICON SALT PLC led the laggards, shedding 18.33% week-to-date. THOMAS WYATT NIG. PLC followed with a 16.33% drop.
Other notable decliners were:
- SECURE ELECTRONIC TECHNOLOGY PLC: down 10.42% to N0.86
- NIGERIAN ENAMELWARE PLC: down 10.00% to N35.10
- MAY & BAKER NIGERIA PLC: down 9.97% to N16.25
- NEM INSURANCE PLC: down 9.94% to N28.10
- ETERNA PLC: down 9.36% to N31.00
- ACADEMY PRESS PLC: down 7.33% to N8.85
- TRANSNATIONAL CORPORATION PLC: down 7.24% to N46.10
- CONSOLIDATED HALLMARK HOLDINGS PLC: down 6.62% to N4.09
Corporate actions overview
The week featured several notable corporate announcements and sector-wide developments:
- UBA extended the application period for its N157 billion rights issue to September 19.
- Shareholders of C & I Leasing approved a 10 kobo dividend alongside fresh investment plans at the company’s AGM.
- At Sovereign Trust Insurance, the former Chairman and two directors sold shares valued at over N2 billion.
- TotalEnergies, Geregu, and AIICO released their forecasts for the 2025 financial year.
Market outlook
The bullish momentum in the All-Share Index snapped a four-week losing streak, signaling renewed strength in select stocks.
Sustained buying interest in the big FUGAZ banks, coupled with fresh momentum in oil and gas counters, will be vital for the index to push higher.
- If this trend holds, the market could once again test the 141,000 level.
Izuchukwu Okoye
Okoye Izuchukwu is a financial market writer and trader with extensive expertise in both Nigerian and international markets. With a keen eye for market trends and a passion for insightful analysis, he translates complex financial concepts into engaging content. By combining practical trading experience with thorough research, Okoye offers valuable perspectives that empower readers to make informed decisions in the ever-evolving world of finance.
Source: Nairametrics | Read the Full Story…
