The All-Share Index fell by 0.15%, ending the month below its opening level in November, as price movements struggled to establish an upward trend.
This is the first time the All Share Index has closed the month of November in red since 2018 snapping a 5-year winning streak
By the close of trading on November 29, 2024, the All-Share Index stood at 97,506.87 points, marking a slight decrease month-to-date from an opening of 97,650.66.
Market activity surged as total trading volume reached 10.8 billion shares, reflecting a 28.74% increase from the 8.3 billion shares recorded in October.
Despite the lackluster price movements, the market’s overall capitalization remained robust, staying above the N59.1 trillion mark.
Year-to-date, the All-Share Index has shown an impressive growth of over 30.4%, reflecting a strong underlying performance despite the relatively flat price action in November.
Market performance highlights
November saw a brief lull in overall price activity, with the broader index experiencing limited movement. This subdued momentum was reflected across the sub-indexes, which closely followed the flat trend of the main index.
In the month under review, the NGX Main Board Index and NGX 30 experienced declines of 0.87% and 0.04%, respectively. In contrast, the NGX Premium Index demonstrated a more robust performance, advancing by 1.49%.
Despite the general stagnation, several sectors posted notable gains.
- The NGX Insurance index surged by a monthly 9.11%, fueled by strong performances from SUNU ASSURANCES and PRESTIGE.
- The NGX Banking index also showed solid growth, rising 3.39%, bolstered by impressive increases in ZENITH and UBA shares, both of which saw gains of over 9%.
- The NGX Oil and Gas index rose by 3.20%, largely driven by the positive performance of CONOIL.
- Meanwhile, the NGX Industrial Goods index grew by 2.14%, and the NGX Consumer Goods index saw a 2.40% increase propelled by outstanding performances from CADBURY and UNILEVER, which both saw their share prices soar by more than 15%.
Top gainers
Leading the charge among gainers was JOHNHOLT PLC, which saw an impressive surge of 170.30% over the month. SUNU ASSURANCES followed closely, rising by 86.60%, while LAFARGE AFRICA posted a notable gain of 50.04%.
Other gainers included:
CONOIL: Up by 45.80% (closing at N276.00)
PRESTIGE: Up by 35.59% (closing at N0.80)
CONSOLIDATED HALLMARK: Up by 35.14% (closing at N2.00)
FLOUR MILLS OF NIGERIA: Up by 30.81% (closing at N81.10)
CADBURY NIG: Up by 29.88% (closing at N21.30)
MANSARD INSURANCE: Up by 19.32% (closing at N7.04)
DANGOTE SUGAR: Up by 13.64% (closing at N35.00)
Top losers
At the opposite end of the spectrum, OANDO topped the list of decliners, suffering a significant drop of 27.55%. Other notable losses were recorded in ABBEY MORTAGE BANK, which declined by 26.15%, and MULTVERSE, which saw a decrease of 25.79%.
Other decliners included:
ETERNAOIL: Down by 24.36% (closing at N20.80)
RTBRISCOE: Down by 18.03% (closing at N2.50)
LASACO ASSURANCE PLC: Down by 16.47% (closing at 2.13)
VERITAS KAPITAL: Down by 15.49% (closing at N1.20)
DEAP CAPITAL MANAGEMENT TRUST: Down by 15.20% (closing at N1.06)
DAARCOMM: Down by 10.29% (closing at 0.61)
MEYER: Down by 9.98% (closing at N7.67)
Corporate actions
A range of corporate actions unfolded in November, with the release of third-quarter results comprising the bulk of the key disclosures for the month.
FBN Holdings Plc disclosed its Q3 financial report.
Cadbury Nigeria Plc released its Q3 financial report.
Zenith Bank Plc shared its Q3 financial report.
Access Holdings Plc released its Q3 financial report.
Oando Plc announced its Q3 financial report.
Seplat Energy Plc revealed the currency exchange rate for its Q3 2024 interim dividend.
MTN Nigeria Communications Plc completed the issuance of Series 11 and 12 commercial papers.
Outlook
- Every month, the All-Share Index is currently undergoing a period of retracement within the broader context of a long-term upward trend. This phase of consolidation offers the potential for a strong rebound in the coming months as market conditions evolve.
- However, the sustained robust performance of large-cap stocks could act as a catalyst, steering the index back toward its long-term bullish trajectory.
