The Nigerian comprehensive stock index capped off an outstanding trading week on June 27, seeing an increase of 1,857.54 points to wrap up at 119,995.76. This signifies a 1.57% escalation compared to the preceding week’s closing position of 118,138.22 because of an intensifying rally in heavily weighted stocks.
In tandem with this rise, weekly trading volume also escalated, hitting 3.79 billion shares, an upswing from the previous week’s 3.57 billion shares. Consistent with the rising tide, the market capitalization surged to N75.9 trillion from N74.5 trillion, showcasing an overall bullish trend in the market.
When it came to market breadth, a total of 78 equities saw an increase in their price, an uptick compared to 55 from the earlier week. Contrary, 27 equities experienced a dip in price, a downturn from the preceding week’s count of 42. There were 43 stocks that saw no change in their price.
The week commenced on a positive note in the Nigerian stock market. Bullish sentiment gathered traction on Tuesday and reached its crescendo on Wednesday when the All-Share Index smashed past the 120,000 mark, surging by 1,211.2 points. But the index receded, closing in red for Thursday and Friday.
Nonetheless, the index rounded off the week on a remarkably positive level. The NGX Premium Index saw a healthy gain of 1.77%. The surge was propelled primarily by the impressive 16.2% leap in ZENITH BANK, along with moderate gains in WAPCO (+4.53%) and UBA (+2.76%).
The NGX 30 Index advanced by 1.58%, echoing strength across the board. Adding another layer to the bullish sentiment permeating the market, the NGX Main Board Index registered a week-over-week hike of 1.46%.
Contributing the most to sectoral gains, the NGX Industrial Goods Index experienced the most substantial surge among its peers, appreciating by 3.92%. This impressive growth was steered by a heavy 21% rally in BETA GLASS, as well as decent gains in CHEMICAL & ALLIED PRODUCTS PLC and TRIPLE GEE, both under 10%.
The NGX Consumer Goods Index, advancing by 3.73%, had a strong showing. Remarkable performances from INTERNATIONAL BREWERIES and CHAMPION BREWERIES, each soaring over 21%, redirected the sector’s momentum.
The NGX Insurance Index was on the upswing as well, showing an upward trend of 3.67%. The primary reason for this rally was an impressive 20% leap in GUINEA INSURANCE. Likewise, The Banking Index went up by 2.59%, galvanized primarily by ZENITH BANK’s substantial leap of 16.2%.
However, not all sectors were bullish. The NGX Oil & Gas Index found itself on the losing side, declining by 2.23%. The losses in OANDO (-7.3%) and ARADEL (-4.1%) adversely impacted the sector’s performance for the week.
NEIMETH INTERNATIONAL PHARMACEUTICALS PLC led the pack among the gainers, with a stunning week-to-date surge of 60.54%. Other prominent gainers included International Breweries Plc, which rose by 26.36%, CWG Plc, up by 25.00%, Champion Breweries Plc, up by 21.95%, Learn Africa Plc, an increase of 21.72%, Beta Glass Plc, up by 21.00%, and Guinea Insurance Plc, a rise of 20.00%.
In the category of losers, MULTIVERSE MINING AND EXPLORATION PLC suffered the highest loss, with a week-to-date slump of 9.33%. Other noticeable losers included Oando Plc, sliding down by 7.38%, BUA Foods Plc, depreciating by 6.46%, DAAR Communications Plc, marking a decrease of 6.15%, McNichols Plc, a setback of 4.82%, Meyer Plc, down by 4.69%, Industrial & Medical Gases Nigeria Plc, a drop of 4.30%, Aradel Holdings Plc, a decline of 4.15%, and FCMB Group Plc, down by 3.55%.
The Nigerian equities market lifted off the week with a robust rally, pushing the index comfortably above the 120,000 benchmarks as heavyweight stocks soared.
If the rallying stocks are not perceived as overbought and the momentum among major players persists, the index could experience a continued upward trend.
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