The Nigerian stock market closed the third week of September on a positive note, with the All-Share Index (ASI) rising by 0.81% as it inches closer to the 100,000-point milestone.
The ASI gained 791.37 points, finishing at 98,247.99, up from the previous week’s 97,456.62, with a total weekly market volume of 1.84 billion shares.
This upward movement was driven by impressive gains in stocks such as CAVERTON, FIDELITY BANK, and FIDSON HEALTHCARE, each surging by over 20%, contributing to the bullish momentum in the market.
However, the number of equities appreciating decreased to 41 from the previous week’s 52, while 40 equities saw declines, compared to 31 in the prior week.
Despite the gains, overall market volume fell by 28%, with 1.84 billion shares traded this week compared to 2.57 billion in the previous week.
All trading days, except Thursday, ended with gains above the opening price.
While the bullish trend in the banking sector continued, its pace slowed slightly, with FIDELITY BANK leading the charge, gaining 24.20%. Non-banking stocks like CAVERTON and FIDSON also saw significant upward movement.
CAVERTON OFFSHORE SUPPORT GROUP PLC led the gainers’ chart with a 45.28% increase. FIDELITY BANK PLC followed with a 24.20% rise, while FIDSON HEALTHCARE PLC saw a 21.76% jump. Other notable gainers included:
Several key corporate developments took place during the week:
As positive sentiment continues to flow into the insurance and banking sectors, the All-Share Index is poised for further gains, as it eyes the 100,000-point mark.
Market participation is expected to continue in the fourth week of September, surging the index more.