September trading on the NGX kicked off on a positive note, with the index edging up by 0.22% to close at 96,793.95 points. Market breadth was nearly balanced, with 28 decliners and 27 advancers. Oando continued its impressive rally, surging 9.95%, while Zenith Bank added 1.96%, fueled by its robust Q2 2024 earnings and an interim dividend of N1 per share. Other significant gainers included UBA (+6.54%), Conoil (+9.72%), Fidelity (+2.84%), Access (+1.05%), WAPCO (+0.93%), Flourmill (+2.23%), Nestle (+0.62%), GTCO (+0.22%), and Eterna (+6.16%). On the flip side, Transcorp dropped by -6.36%, with ETI (-3.67%), NB (-2.83%), FBNH (-0.44%), and Ucap (-3.02%) also in the red, while Geregu and other heavyweights held steady.
Market turnover was decent at ₦11.04 billion ($6.9 million), driven by substantial trades in Oando, Zenith Bank, UBA, MTNN, and Access. We expect investors anticipation of more impressive audited H1 results from the rest of the big banks to keep the market mood positive in the coming sessions.