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United Capital Plc emerged as the top gainer on the Nigerian Exchange (NGX) for the week ending July 19, 2024, with its share price appreciating by 42.78%, closing the week at N40.55.
During this period, the NGX experienced a 0.87% gain, reaching an All-Share Index of 100,539.4 points and a market capitalization of N56.93 trillion, marking its highest level since mid-April.
Year-to-date, the NGX has produced a return of 34.46%, surpassing June’s inflation rate of 34.19%.
United Capital’s share price surged from N28.40 to N40.55, reflecting a 42.78% appreciation. This rise was fueled by increased investor interest following the company’s interim dividend announcement, with approximately 75.7 million United Capital shares traded throughout the week.
Other notable gainers included Africa Prudential Plc, whose share price rose by 33.78% from N7.40 to N9.90, and Cutix Plc, which appreciated by 29.65%, closing the week at N5.99, up from N4.62 at the start of the week. Cutix Plc was also one of the top traded stocks on the NGX, with 232 million shares changing hands during the week.
Champion Breweries Plc recorded a 12.09% gain, followed by Oando Plc with an 11.28% increase. Oando Plc has been on a bullish trend this year, posting a year-to-date return of 73.8%.
NAHCO Plc saw a 9.44% gain, closing at N39.40, while Learn Africa Plc posted a 9.38% gain. Sunu Assurances Nigeria recorded an 8.87% increase, University Press Plc gained 8.66%, and The Initiates Plc rounded out the top ten gainers with a 7.50% rise.
On the downside, Linkage Assurance Plc was the top decliner, with its share price falling by 24.56% from N1.14 to N0.86. The stock has declined by 42.67% from its year-high price of N1.50. Veritas Kapital Assurance also appeared on the losers list, with an 11.67% decline during the week. Despite its recent drop, Veritas Kapital Assurance has been one of the best performers on the NGX in 2024, with the decline reflecting profit-taking moves by investors.
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