The Nigerian stock market ended the first week of October in the red, as the All-Share Index (ASI) dipped by 0.95%, surrendering some of the gains it had accumulated in previous weeks due to sell-offs in large-cap stocks.
ASI shed 938.14 points to close at 97,520.54, down from the previous week’s 98,458.68, with a total market volume of 1.6 billion shares for the week.
Notably, 45 equities appreciated in price during the week, maintaining the same number as the previous week, while 33 equities saw declines—again mirroring the prior week.
Meanwhile, 73 equities remained unchanged.
Market Performance:
The index kicked off the week on a positive note, but after a public holiday on Tuesday, it tumbled midweek. By Thursday, it had lost 1,167.97 points before rebounding slightly on Friday with a gain of 456.12 points.
Weekly market volume dropped sharply to 1.6 billion shares, a 44% decline from the 2.9 billion shares exchanged the previous week.
In sector performance, the oil and gas sector led the charge with expanded gains, and the insurance sector also saw upward movement. In contrast, the banking index lagged, ending the week lower.
Other Highlights
The NGX Premium Index dropped by 2.19%, as heavyweight stocks like FBN Holdings and Dangote Cement posted losses, overshadowing gains in SEPLAT Energy.
NGX 30 and NGX Main Board Index each fell by 0.90% and 0.25%, respectively, mirroring the overall market decline.
On the other hand, the NGX Oil and Gas Index surged by 7.29%, followed by the NGX Insurance Index, which rose 3.81%. Consumer goods stocks also saw slight gains at 0.34%.
However, the NGX Industrial Goods and NGX Banking indices slid by 6.84% and 0.61%, respectively.
Top Gainers
DEAP CAPITAL MANAGEMENT & TRUST PLC led the week’s gainers with a 31.53% jump. SEPLAT ENERGY PLC followed, climbing 21%, while TRIPPLE GEE AND COMPANY PLC rose by 20.34%.
Other notable gainers included:
- VERITAS KAPITAL ASSURANCE PLC: up 20.00% (closing at N1.68)
- REGENCY ASSURANCE PLC: up 18.84% (closing at N0.82)
- AFRICA PRUDENTIAL PLC: up 18.33% (closing at N10.65)
- LIVESTOCK FEEDS PLC: up 17.14% (closing at N3.28)
- R T BRISCOE PLC: up 16.28% (closing at N3.50)
- NEM INSURANCE PLC: up 14.38% (closing at N8.75)
- CWG PLC: up 10.71% (closing at N6.20)
Top Losers:
MCDONALD’S PLC led the losers’ chart with a 15.63% drop, followed by FIDELITY BANK PLC, which declined by 13.33%.
Other key decliners were:
- DANGOTE SUGAR REFINERY PLC: down 12.20% (closing at N30.60)
- FBN HOLDINGS PLC: down 11.19% (closing at N25.00)
- DANGOTE CEMENT PLC: down 9.88% (closing at N2.28)
- ETERNA PLC: down 9.74% (closing at N3.08)
- ACADEMY PRESS PLC: down 10.00% (closing at N478.80)
- PZ CUSSONS NIGERIA PLC: down 10.00% (closing at N27.00)
- NASCON ALLIED INDUSTRIES PLC: down 9.78% (closing at N2.86)
- ELLAH LAKES PLC: down 8.54% (closing at N4.50)
Corporate Announcements:
Several significant corporate announcements were made during the week:
- United Bank for Africa Plc released its Q2 2024 financial statement.
- Guinness Nigeria Plc announced board changes.
- LASACO Assurance Plc published its Q1 2024 financial statement.
- Stanbic IBTC Holdings Plc revealed leadership changes.
- Access Holdings Plc secured approval for the merger between Access Pensions Limited and ARM Pensions Managers.
- MeCure Industries Plc sold a 10% equity stake to Zrosk Investment.
- Fidelity Bank Plc released its Q2 2024 financial statement.
Outlook
Despite a challenging week, the index remains on track to reverse a dip that began in April and reached its low in August. The continued strength in the oil and gas and insurance sectors is likely to persist, with hopes of a banking sector rebound.
Should more large-cap stocks follow SEPLAT’s trajectory, the index could break the 99,000-point mark, a level it briefly touched in September.
