The All-Share Index showed a significant upward movement in September, surging by 1,979.25 points to close the month at 98,558.79 index points.
This increase represents a 2% rise as the index sought to correct itself following a low of 96,580.01 points.
The month recorded a robust trading volume of 10 billion shares, reflecting positive market sentiment in the index, as the banking sector resumed bullish price action.
Throughout the month of September, the All-Share Index demonstrated a remarkable resilience, propelled by positive sentiment particularly in the banking and oil and gas sectors.
This bullish momentum was evident as both the NGX 30 and the Premium Index mirrored the All-Share Index’s upward trajectory.
The NGX 30 recorded a modest gain of 1.89%, while the Premium Index experienced a more substantial rise of 4.5%, largely due to the strong performance of large-cap stocks such as Access Bank and First Bank.
Key index performances for September included:
Top Gainers
Leading the charge among gainers was CAVERTON OFFSHORE SUPPORT, which saw an high increase of 72.86% over the course of the month. Other notable gainers included:
Top Losers
On the other end of the spectrum, CUTIX led the list of losers, experiencing a notable decline of 21.75%. Other significant downturns were observed in:
Corporate Actions
A variety of corporate actions took place during September, reflecting a dynamic market environment:
Looking ahead, the All-Share Index is poised to continue its upward trajectory as it seeks to recover from the lows experienced in August.
With the banking index demonstrating sustained bullish momentum, further gains are anticipated, particularly in light of the substantial trading volumes within this sector.
Additionally, it is expected that insurance stocks, which have recently stalled in price action, will experience a rebound in October, contributing to an overall positive market environment.
Additionally, it is expected that insurance stocks, which have recently stalled in price action, will experience a rebound in October, contributing to an overall positive market environment.
As investor sentiment remains optimistic, the outlook for the market appears encouraging as we move into the new month.