The Nigerian stock market concluded the trading week ending November 15, 2024, on a positive trajectory, with the All-Share Index (ASI) climbing by 486.09 points to close at 97,722.28.
This represents a 0.50% increase from the previous week’s finish at 97,236.19, as the index edges closer to the notable 98,000-point psychological zone.
However, trading activity took a hit despite the upward price movement, as trading volumes slumped by 54%, dropping from 3.2 billion shares in the preceding week to 1.4 billion during the week under review.
Market breadth showed a mixed performance this week, with 39 equities appreciating in value, an increase from the 31 gainers seen the previous week. In contrast, 46 equities declined, up from 42 in the prior week.
Market Performance
Despite bullish price movements across several sectors of the Nigerian stock market, trading volume saw a sharp decline, dropping by 54% compared to the activity levels recorded the previous week.
The week began on a positive note, with the All-Share Index (ASI) edging higher on Monday before retreating slightly on Tuesday, followed by a modest recovery on Wednesday and another dip on Thursday.
However, a strong surge on Friday propelled the index to a weekly close, anchoring the market’s capitalization at an impressive N59.2 trillion and securing the week’s overall gains.
- Among key indices, the NGX Premium Index led the charge with a 1.10% gain, buoyed by a 7.90% weekly increase in UBA’s share price. The NGX 30 and NGX Main Board Index also reflected the ASI’s bullish sentiment, rising by 0.31% and 0.29%, respectively.
- Not all sectors shared in the optimism. The NGX Oil and Gas Index dropped by 0.29%, dragged down by a weekly 10% slump in OANDO’s share price, while the NGX Industrial Index declined by 0.20%.
- Conversely, the financial sector continued to shine, with the NGX Banking Index climbing 2.32% and the NGX Insurance Index advancing 2.84%.
- The NGX Consumer Goods Index also posted a modest gain of 0.60%, contributing to the market’s positive tone.
Top Gainers
Leading the pack of gainers, JOHN HOLT PLC surged by 60.50%, followed by EUNISELL INTERLINKED PLC, which rose by 46.22%. Other notable gainers included:
- TANTALIZERS PLC: up 33.93% to N0.75
- SUNU ASSURANCES NIGERIA PLC: up 32.04% to N2.72
- FLOUR MILLS NIG. PLC.: up 22.89% to N78.65
- INTERNATIONAL ENERGY INSURANCE PLC.: up 20.83% to N1.45
- UNIVERSITY PRESS PLC: up 20.00% to N3.96
- CONSOLIDATED HALLMARK HOLDINGS PLC: up 10.59% to N1.88
- THE INITIATES PLC: up 10.00% to N2.53
- ARADEL HOLDINGS PLC: up 9.99% to N533.80
Top Losers
On the losing side, DAAR Communications PLC led the decline, plunging by 12.12%, followed by OANDO PLC and VFD Group PLC, which fell by 10.44% and 10.00%, respectively.
Other significant decliners included:
- ABBEY MORTGAGE BANK PLC: down 9.77% to N2.40
- ELLA LAKES PLC: down 7.36% to N3.40
- AFRICA PRUDENTIAL PLC: down 7.22% to N9.00
- IKEJA HOTEL PLC: down 6.83% to N7.50
- GUINEA INSURANCE PLC: down 6.25% to N0.45
- UNITED CAPITAL PLC: down 6.15% to N16.80
- FIDSON HEALTHCARE PLC: down 5.69% to N 14.10
Corporate Announcements
The past week saw several significant corporate developments across various sectors of the Nigerian market.
- PZ Cussons Nigeria Plc announced the appointment of a new Chief Financial Officer.
- Tantalizers Plc disclosed the appointments of an acting company secretary and directors, alongside the resignation of retiring board members.
- Seplat Energy Plc revealed the currency exchange rate for its Q3 2024 interim dividend.
- Access Holdings Plc announced its acquisition of Afrasia Bank Limited.
- Dangote Cement Plc issued Series I Bonds under its N300 billion Multi-Instrument Issuance Programme.
- MTN Nigeria Communications Plc successfully completed the issuance of Series 11 and 12 commercial papers.
Outlook:
The All-Share Index appears well-positioned to maintain its upward momentum, bolstered by strong price action in individual stocks and supported by favourable Q3 results.
Should the index maintain the upward trajectory seen in Friday’s trading, it could very well break through the significant 98,000-point barrier in the weeks ahead.
