In a spectacular display of strength and resilience, the Nigerian equities market experienced an awe-inspiring bullish surge, with the aggregate value of listed equities surging by an astonishing N1.33 trillion in just one week—a formidable 3.89% increase!
Blue-chip stocks that witnessed a surge in demand fueled this impressive rally, accompanied by investor sentiment. The market capitalization soared from last week’s N34.069 trillion to an outstanding N35.395 trillion at the week’s close. It showcased the market’s unparalleled vigour.
The NGX All-Share Index (ASI) performed like a champion, showcasing remarkable growth of 2,433.66 points in the week leading up to Friday. Closing at an astounding 65,003.39 points, it recorded a 3.89% rise compared to the previous week’s closing of 62,569.73 points, a testament to the market’s undeniably bullish momentum.
The market achieved its highest index point for the week at an extraordinary 65,003.39 points, surpassing the previous week’s closing by leaps and bounds and firmly establishing a positive and upward trajectory for the market.
The lowest index point for the week was recorded on Monday, July 17, 2023, at a still-respectable 62,943.35 points, illustrating the robustness of the market even on its “worst” day.
This bullish momentum is not an isolated event but part of a broader upward trend. In the current month alone, the Nigerian stock market has demonstrated an impressive 6.62% increase in performance, setting a clear path towards prosperity.
While looking at the bigger picture, the market’s annual return is remarkable, reaching 26.83%. It not only signifies the market’s inherent strength but also showcases the immense growth potential of the Nigerian economy.
Top Gainers & Losers: Stars Shine Bright!
As the market soared, some stocks shone brightly among the rest. JOHN HOLT PLC undoubtedly stole the show with a jaw-dropping 58.01% increase in its share price, leaving its competitors in the dust.
CHELLARAMS PLC followed closely behind with an impressive 32.39% rise, while STERLING FINANCIAL HOLDINGS PLC took third place with a commendable 27.33% gain. ECOBANK TRANSNATIONAL INCORPORATED and CWG PLC rounded up the top five gainers’ list, showcasing their resilience with gains of 27.17% and 26.38%, respectively.
On the flip side, some stocks struggled to keep up with the bull run. FTN COCOA PROCESSORS PLC experienced a challenging week, shedding 29.08% of its value, making it the week’s worst performer.
COURTEVILLE BUSINESS SOLUTIONS PLC and ABBEY MORTGAGE BANK PLC also faced tough times, registering significant declines of 28.09% and 26.32%, respectively. LINKAGE ASSURANCE PLC and JAPAUL GOLD & VENTURES PLC completed the list of top five losers, falling by 20% and 15.15%, respectively.
AGM Watch: Exciting Announcements on the Horizon
It is a series of exciting announcements added to the market’s enthusiasm. Briclinks Africa Plc revealed that their 1st Annual General Meeting will take place on Monday, August 28, 2023, at 2:00 p.m. in the prestigious location of 77 Nelson Mandela Asokoro, Abuja. Meanwhile, Livestock Feeds Plc notified the NGX of their 59th Annual General Meeting, scheduled for Wednesday, July 19, 2023, at 10.00 a.m. in the elegant Festival Hotel, Diamond Estate, Amuwo Odofin, Lagos State.
Insider Trades: Significant Moves Captivate Attention
Intriguing insider trading activities were spotted on Friday, July 21, 2023, when the ENKO Opportunity Growth Fund, linked to a Director of Ecobank Transnational Incorporated (ETI), Alain Nkontchou, made a bold move by purchasing 66.33 million shares of the bank. At an average price of N14.72 per share, this purchase amounted to a whopping N917.54 million ($1.17 million) on the Nigerian Exchange Limited (NGX).
Stocks Set to Reward Investors: Dividends in the Pipeline
As the market continued its triumphant march, some stocks stood out for their generosity to shareholders. Airtel Africa Plc, with its name on the register as of an undisclosed qualification date, is set to reward its investors with dividends on July 26, 2023, amounting to a staggering $122.89 million.
Livingtrust Mortgage Bank Plc is also on the dividend bandwagon, with dividends set to be paid on July 24, 2023, to shareholders on the register as of the qualification date of July 6, 2023, totaling N60 million. Last but not least, Industrial and Medical Gases Nigeria Plc, with its dividends set to be paid on July 25, 2023, will reward its qualified shareholders with N199.79 million.
The Nigerian stock market’s recent performance and the impressive gains in market capitalization are undoubtedly a testament to the country’s economic resilience and growth potential. With bullish momentum driving the market to new heights, investors and traders eagerly await what the future holds for Nigeria’s thriving equities market.
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