Oando Plc made a 60.47% gain in the last trading week ending August 9, 2024.
Investors saw the NGX All-Share Index and market capitalization appreciate by 0.87%, closing the week at 98,592.12 points and N55.978 trillion, respectively.
For the first time in several months, the banking index led the gainers chart with 5.1%, accounting for 74% of total equity turnover volume and 65.25% of value.
The consumer goods and insurance indices followed with 2.3% and 1.8% appreciation while the oil and gas index trailed with a 1% gain.
Oando Plc was the best-performing stock during the week, with a share price increase from N25.30 to N40.60. The company is currently the second-best rising stock in the NGX this year, having gained 62.40% in August alone and a year-to-date gain of 287%.
Veritas Kapital Assurance made a 24.21% gain to close the week at N1.18 per share. It stands as the third most-performing stock on the NGX for the year, having gained 219% thus far.
Conversely, Champion Breweries led the decliners table by 15.03% to close at N2.77 per share. BUA Cement followed with a loss of 9.99% to close at N128.90, while University Press declined by 9.92% to close at N2.18.
Other stocks worth over one trillion, including Airtel Africa, BUA Foods, Dangote Cement, Geregu Power, Transcorp Power, Transcorp Hotels, and Seplat Energy, saw no price changes.
Overall, tier-1 banks were optimistic as UBA gained 14.71% over the week and both FBN Holdings and Access Holdings saw increases of 9.76% and 5.38%, respectively.
The ongoing dividend-earning season is expected to sustain positive sentiment among market players.
Capital analysts and Cowry Asset Management Limited predicted the recent uptrend will continue this week, and advised investors to focus on fundamentally sound stocks while taking advantage of pullbacks.
Oando Plc rises by 60.47% as NGX Records Gains
