Weekly Market Wrap: All-Share Index soars 0.41% in week 3 as Dangote Sugar and BUA Foods rally 

This increase reflects a 0.41% gain compared to the previous week’s closing figure of 108,053.95, with the index remaining above the 108,000-mark.

However, All-Share experienced a decline in trading volume, dropping by 20.63% to close at 2 billion shares, down from 2.4 billion shares traded the prior week.

Nevertheless, market capitalization showed robust performance, rising from N67.4 trillion at the beginning of the week to finish at N67.6 trillion.

During this period, twenty-eight (28) equities appreciated, a decrease from sixty-five (65) equities in the previous week, while fifty-eight (58) equities depreciated, an increase from thirty-one (31) in the previous week.

The Nigerian stock market exhibited a positive trajectory over the past week, with mid and large-cap stocks spearheading the gains.

The index faced a downturn on Monday, followed by a further decline on Tuesday. However, it rebounded with bullish price action on Wednesday, recouping a substantial portion of its weekly losses before stalling through Thursday and Friday.

The NGX Premium Index dipped by 1.15%.

In contrast, the NGX 30 increased by 0.59%, and the NGX Main Board Index rose by 1.48%.

Leading the charge among gainers was ABBEY MORTGAGE BANK PLC, which climbed by 16.13% week-to-date, followed by SMART PRODUCTS NIGERIA PLC at 15.38%. Other notable gainers included:

On the losers’ table was UNION DICON SALT PLC, which declined by 25.00% week-to-date, followed by IKEJA HOTEL PLC at 21.43%. Other notable losers included:

This week featured several significant corporate announcements:

The Index is currently experiencing buying momentum as it approaches the psychological barrier of 110,000. If the All-Share Index is not viewed as overbought, the positive sentiment generated by the recent earnings reports from late January and early February may continue to drive the index higher.