The Nigerian Stock Exchange (NGX) saw a strong week ending July 19th, 2024, with the All-Share Index climbing 0.87% to reach 100,539.4 points. This marks the highest point for the index since mid-April, indicating a positive trend in the Nigerian stock market.
United Capital Plc emerged as the week’s champion, experiencing a significant surge in share price. The company’s announcement of its first-ever interim dividend payouts fueled investor interest, leading to a remarkable 42.78% increase in share price. By the close of the week, United Capital shares were trading at N40.55. This impressive gain highlights the impact of dividend news on investor behavior within the NGX.
However, Looking beyond United Capital’s success, the overall market performance was positive. The total market capitalization of the NGX reached N56.93 trillion, solidifying its position as a key player in the African financial landscape. This growth reflects investor confidence and continued interest in the Nigerian stock market.
While United Capital dominated, the NGX witnessed positive movement across the board. Africa Prudential Plc followed closely with a 33.78% increase in share price, while Cutix Plc climbed 29.65%. Interestingly, Cutix Plc also became one of the most actively traded stocks, with a staggering 232 million shares changing hands.
Other Notable Gainers:
Champion Breweries and Oando Plc impressed with gains of 12.09% and 11.28% respectively. Oando, in particular, continues its strong year-to-date performance with a return of 73.8%. NAHCO Plc, Learn Africa Plc, Sunu Assurances Nigeria, University Press Plc, and The Initiates Plc all rounded out the top 10 with gains exceeding 8%.
The NGX capped off the week on a positive note, with the All-Share Index climbing 0.87% to reach 100,539.4 points. This increase marks the highest point for the index since mid-April, signifying a positive trend in the Nigerian stock market.
