- Bulls dominate on NGX as investors gain N197.4bn
Nigeria’s headline inflation rate for September 2024 rose to 32.70 per cent, according to the latest Consumer Price Index report from the National Bureau of Statistics.
The increase of 0.55 per cent is from the August 2024 figure of 32.15 per cent.
The development was after inflation dropped consecutively in the previous two months of July and August.
Year-on-year, inflation has surged by 5.98 percentage points compared to the 26.72 per cent recorded in September 2023.
The report read, “In September 2024, the Headline inflation rate was 32.70% relative to the August 2024 headline inflation rate of 32.15%. Looking at the movement, the September 2024 Headline inflation rate showed an increase of 0.55% compared to the August 2024 Headline inflation rate.
“On a year-on-year basis, the Headline inflation rate was 5.98% points higher compared to the rate recorded in September 2023 (26.72%). This shows that the Headline inflation rate (year-on year basis) increased in September 2024 when compared to the year-on year in the preceding year (i.e., September 2023).
“Furthermore, on a month-on-month basis, the Headline inflation rate in September 2024 was 2.52%, which was 0.30% higher than the rate recorded in August 2024 (2.22%). This means that in September 2024, the rate of increase in the average price level is higher than the rate of increase in the average price level in August 2024.”
Food prices remain a key driver of inflation, with the food inflation rate climbing to 37.77 per cent in September 2024, a notable rise of 7.13 per cent from the 30.64 per cent recorded in the same period last year.
The increase in food inflation is largely attributed to rising prices of staples such as rice, maize, beans, and yams. Month-on-month, the food inflation rate also increased to 2.64 per cent in September 2024, up from 2.37 per cent in August.
Bulls dominate on NGX as investors gain N197.4bn
Equities trading on the floor of Nigerian Exchange Limited continued on a bullish momentum in the second session of the week, with the All-Share Index rising by 0.33 percent to close at 98,540.93 points.
This gain led to a corresponding increase in market capitalization, up by 0.33 percent to ₦59.71 trillion, adding ₦197.4 billion to investors’ portfolios. Consequently, the year-to-date (YTD) return increased to 31.79 percent.
Further analysis revealed that the positive sentiments was driven by buying interests in the shares of OANDO, ARADEL, and GTCO which gained 7.9 percent, 6.1 percent, 3.2 percent respectively.
Despite the overall positive market sentiment, sectoral performance was mixed.
The banking and insurance sectors posted losses of 0.78 percent and 2.11 percent, respectively, while the consumer goods and oil/gas sectors recorded modest gains of 0.07 percent and 0.13 percent. The industrial goods sector, however, remained flat at 0 percent.
At the close of trading, 15 stocks advanced while 28 stocks declined. Notable gainers included CHAMPION, TANTALIZER, OANDO, ARADEL, and ETERNA, while CAVERTON, TRIPPLEG, CILEASING, JAIZBANK, and ABCTRANS were among the top losers.
Trading activity remained robust, with the number of deals and value increasing by 19.39 percent and 36.07 percent, respectively, although trading volume fell by 6.21 percent. A total of 286.04 million units were exchanged across 9,650 deals, amounting to ₦26.82 billion in value. ACCESSCORP led the trading volume with 45.9 million units valued at ₦928.5 million across 334 deals, while Aradel was the top stock traded by value.
