The Nigerian equities market ended the week of November 13, 2024, on a note, with the NGX All-Share Index (ASI) climbing by 1.19% to 99,378.06 points, nearing the landmark 100,000-point threshold. The market capitalization rose by N707.61 billion to cross N60 trillion, supported by strong investor sentiment and year-end repositioning. The market’s year-to-date return reached an impressive 32.90%, signaling robust performance across various sectors.
Despite the bullish trend, trading activities saw a slowdown, with total trade volume declining by 30.12% to 2.72 billion units, and transaction value dropping by 43.41% to N49.66 billion. Analysts attributed this to investor caution over inflationary pressures and seasonal factors. Sectoral performance was mixed, with the NGX Oil & Gas sector gaining 7.61%, while the NGX Industrial Goods sector shed 0.60% due to mild profit-taking. Golden Guinea Breweries led individual stock gains with an 80.69% rise, while NSL Technology emerged as the biggest loser, dropping 23%.
Looking ahead, analysts expect the bullish momentum to persist, driven by year-end rallies and anticipated strong corporate results. However, investor sentiment will be shaped by key macroeconomic indicators, including November’s inflation report and developments in the foreign exchange market. These factors are expected to guide portfolio adjustments as the market approaches the close of 2024.