The declaration of 2024 financial year dividends by companies halted the decline on the Nigerian Exchange, resulting in a N437bn gain for investors.
Throughout the past week, multiple financial institutions published their audited 2024 reports, showcasing robust performance and appealing dividends. Analysts also link the market’s bullish sentiment to quarter-end portfolio rebalancing and window-dressing activities, which strengthened investor confidence.
At the week’s close, the NGX All-Share Index and market capitalization increased by 0.66%, reaching 105,660.64 and N66.26tn, respectively.
Similarly, all indices closed higher except the NGX Oil/Gas and NGX Commodity Indices, which fell by 1.65% and 0.76%, respectively, while the NGX ASeM Index remained flat.
The NGX Banking Index led sector performance, increasing by 4.28% week-on-week, driven by investor interest in banking stocks such as Guaranty Trust Holding Company, FCMB Group, Fidelity Bank, and First HoldCo.
The NGX Insurance Index followed with a 3.21% gain, while the NGX Consumer Goods and NGX Industrial indices saw slight increases of 0.12% and 0.01%, respectively, supported by price gains in stocks like Mutual Benefits Assurance, SUNU Assurance, Champion Brewery, Ikeja Hotel, and UPDC.
With the bulls leading in three of the five trading sessions, the year-to-date return for the All-Share Index increased, signaling renewed optimism among investors. Market activity remained robust, evidenced by a positive market breadth of 1.19 times, with 43 stocks advancing, surpassing 36 decliners.
Trading activity saw a significant rise, with the total number of transactions increasing by 7.48% week-on-week to 61,309 deals. Similarly, the volume of shares traded surged by 159.2% to 7.52 billion units, while the total value of traded equities skyrocketed by 730.04% to N398.95bn.
