The Nigerian stock market closed the trading week ending November 22, 2024, on a positive note, with the All-Share Index (ASI) gaining 106.74 points to finish at 97,829.02.
This marks a modest 0.11% gain compared to the previous week’s closing level of 97,722.28, reflecting sustained investor interest amid a surge in market activity.
Market volume experienced a significant uptick, with 1.9 billion shares traded during the week—a substantial 31.73% increase from the 1.4 billion shares exchanged the previous week.
The week’s market breadth painted a mixed picture, with 42 equities posting gains, an improvement from the 39 gainers recorded in the previous week.
However, the number of decliners dropped sharply to 24 stocks, down from the 46 losers seen in the preceding week.
Market performance
The Nigerian stock market showed a mixed but mostly positive performance across several sectors during the week, boosted by a 31.73% increase in trading volume.
Starting on a positive note, the All-Share Index (ASI) recorded gains from Monday to Wednesday, but slight declines on Thursday and Friday reversed some of the earlier surge.
Among sectoral indices, the NGX Premium Index recorded a gain of 0.23%, while the NGX 30 and NGX Main Board Index posted modest increases of 0.05% and 0.03%, respectively, reflecting the overall bullish sentiment in the market.
- The NGX Insurance Index soared by 4.11%, driven by double-digit gains in Guinea Insurance, Sunu Insurance, and Mansard.
- Similarly, the NGX Consumer Index climbed 2.20%, fueled by over 20% rallies in Cadbury and Unilever.
- Other sectors followed suit, with the NGX Industrial Index rising by 1.08% and the NGX Oil & Gas Index advancing 0.25%.
- On the flip side, the NGX Banking Index declined by 2.00%, dragged down by losses of over 4% in FBN Holdings, Sterling Bank, and Stanbic IBTC.
Top gainers
Leading the pack of gainers, JOHN HOLT PLC surged by 42.49%, followed by LAFARGE AFRICA, which rose by 28.57%. Other notable gainers included:
- CADBURY NIGERIA: up 22.41% to N21.30
- GUINEA INSURANCE PLC: up 22.22% to N0.55
- UNILEVER NIGERIA: up 20.82% to N29.60
- PRESTIGE ASSURANCE: up 18.75% to N0.77
- DANGOTE SUGAR: up 16.67% to N35.00
- SUNU ASSURANCES: up 16.18% to N3.16
- MANSARD: up 13.39% to N7.20
- BETAGLAS: up 9.48% to N49.65
Top losers
On the losing side, MULTIVERSE led the decline, plunging by 17.61%, followed by PZ CUSSONS NIGERIA and UNIVERSITY PRESS, which both fell by 11.62%. Other significant decliners included:
- RT BRISCOE: down 9.40% to N2.70
- FBN HOLDINGS: down 7.97% to N25.40
- BERGER PAINTS: down 7.71% to N17.35
- PRESCO: down 7.29% to N450.00
- STERLING BANK: down 5.61% to N4.71
- VERITAS KAPITAL: down 5.38% to N1.23
- STANBIC IBTC: down 5.09% to N55.00
Corporate announcements
The past week featured notable corporate developments across various sectors of the Nigerian market.
- Champion Breweries PLC announced a notice for an Extraordinary General Meeting.
- ASO Savings and Loans PLC released its unaudited financial statement for the period ended December 31, 2023.
- Cutix PLC issued a notice regarding the cancellation of its previously scheduled Extraordinary General Meeting.
- Conoil PLC shared resolutions passed at its 54th Annual General Meeting (AGM).
Outlook
Despite this week’s dip in the banking sector, which pulled the All-Share Index from a high above 98,200 to below 98,000, the index managed to end slightly in positive territory.
A recovery in the banking sector, particularly among Tier 1 banks, combined with sustained positive momentum in other sectors, could drive the index higher in the sessions ahead.