2 Space Stocks to Buy in September

The Nigerian equities market continued its upward trend into the second consecutive week, with the benchmark NGX All-Share Index (ASI) climbing 5,693.97 points, or 2.36%, to close at 246,992.44 points. This marks an increase from 241,298.47 points the previous week, bringing the market's year-to-date return to 58.72%. The rally follows the FTSE Russell classification of Nigeria as a "Frontier Market," which has boosted investor sentiment.

Royal Exchange led the gains, soaring 25.00% to close at N1.10 from N0.88. Beta Glass, however, suffered the sharpest decline with a 17.38% drop. Trading activity surged, with total turnover rising to 4.360 billion shares worth N210.331 billion, a 73.93% increase in volume and 70.73% in value compared to the previous week. Of the 56 equities that appreciated in price, this was the highest number recorded in a single week thus far. Conversely, 35 equities fell, a decrease from the 55 observed the prior week.

Nigerian Breweries' gains were driven by heavyweight stocks, lifting the month-to-date return to +1.1%. Sector-wise, four out of five tracked indices closed higher, while Industrial Goods was the sole decliner. The NGX Industrial Goods Index slipped 0.35% to 10,342.50 points, dragged down by profit-taking in Beta Glass, BUA Cement, and Cutix.

Recent share listings also contributed to the market's strength. Coronation Insurance Plc issued an additional 4.53 billion ordinary shares in a private placement at N2.16 per share, increasing its total issued shares to 28.53 billion. Regency Alliance Insurance Plc listed 2,674,385,062 new ordinary shares in a Rights Issue at N0.95 per share, raising its total issued shares to 18.68 billion.

This week's 2.36% ASI gain extends the recovery that began the previous week, with analysts predicting that investor risk appetite will remain positive, focusing on fundamentally sound stocks recently granted Frontier Market eligibility by FTSE Russell.