Stock Market Gauge, All-Share Index, Records a Slight 0.31% Advance in August - A Look at Sectoral Developments
Nigerian Stock Market Ends August on a Positive Note
The Nigerian stock market concluded August on a positive note, with the NGX All-Share Index recording a 0.31% gain. The index closed at 140,295.5 points, building on the momentum from July that pushed it into the green.
The NGX Industrial Index, in particular, recorded a 1.83% gain, while the NGX Banking and NGX Oil and Gas indices were the decliners for the month, losing 5.09% and 3.95% respectively. The market as a whole recorded a total gain of 432.0 points in August.
TrippleG, Beta Glass, Austin Laz, and BUA Foods made strong advances of over 20% in August. Notably, AIICO Insurance surged by more than 90%, while GUINEA Insurance, Linkage Assurance, Veritas Kapital, Coronation Insurance, Prestige Assurance, Regency Alliance, and Universal Insurance all posted gains above 50%.
On the other hand, Guinness and Vitafoam added less than 12% in August, and Lafarge slid by 12.8%. Champion Breweries increased over 24%, and McNichols recorded a modest 2.7% increase.
The NGX Consumer Goods Index advanced by 8.91%, with Champion Breweries and BUA Foods contributing significantly to this growth. However, Dangote Cement dropped by 1.53% in August, accounting for more than 43% of the index.
It's worth noting that the Nigerian insurance sector, tracked by the NGX Insurance Index, delivered an impressive 44% gain in August. Despite this, no specific information is available about the Nigerian insurance companies that achieved the highest profits in August 2021.
The market's positive trend was disrupted in the third week of August, causing a slide of over 3,500 points. This downturn in sentiment continued into the final trading week of August, with the index sliding by another 708 points.
Despite these fluctuations, the index reached highs above 146,000 points in the first half of August, indicating a resilient market. As the market enters September, investors will be keen to see if this positive trend continues.
