The Nigerian inventory market ended August on a mildly constructive be aware, posting a 0.31% acquire regardless of late selloffs in some heavyweight shares.
Tracked by the All-Share Index, the market opened at 139,863.5 factors and gained over 5,000 within the first two weeks, climbing previous 146,000 on the again of July’s sturdy momentum.
That early rally, nonetheless, gave option to weaker sentiment within the third week as oil and fuel majors and a few mid-cap shares slipped, setting the stage for deeper losses.
By the fourth week, losses in huge cement and different massive caps dragged the index down over 3,500 factors. With an extra 708 factors misplaced within the closing week, a lot of August’s early beneficial properties had been erased.
Regardless of the market’s muted shut, a number of penny and mid-cap shares, primarily within the insurance coverage sector and some from different industries, posted sturdy beneficial properties.
Though their efficiency couldn’t absolutely offset the declines brought on by choose heavyweights, they nonetheless delivered spectacular returns for buyers who held them.
Listed below are August’s high performers.
Ellah Lakes Plc takes the tenth spot with a month-to-date return of 53.09%. The inventory started August buying and selling at N9.21 per share and surged to a report excessive of N17.65 on the thirteenth, its strongest closing stage up to now.
Nevertheless, the rally shortly gave option to a pullback, with the next session opening a slide that stretched to the tip of the month. Even so, buying and selling remained lively, with over 440 million shares altering fingers in August.
Mid-month, the corporate’s CEO unveiled plans to broaden its oil palm plantations by 1,500 hectares, whereas allocating 100 hectares to animal husbandry, a strategic transfer that seemingly caught buyers’ consideration.
Ellah Lakes had already shocked the market in June with a 135% return, its greatest month ever, and August, now its second-best month, pushed its year-to-date efficiency to over 346%.
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