The Nigerian stock market concluded the trading week ending December 6, 2024, on a buoyant note, as the All-Share Index (ASI) surged by 703.88 points, settling at 98,210.75.
This represents a modest uptick of 0.72% compared to the previous week’s closing figure, signaling an increasing positive sentiment within the market.
Market activity, however, saw a slight contraction in volume, with 3.13 billion shares exchanging hands—an easing of 1.80% from the 3.19 billion shares traded in the preceding week.
The week’s market breadth presented a mixed outlook, with 51 stocks registering gains, a notable improvement from the 32 gainers observed the prior week.
In contrast, 30 stocks posted losses, a decrease from the 46 decliners seen in the previous week.
Market performance
Throughout the week, the Nigerian stock market exhibited a mixed yet predominantly positive performance across various sectors, with its market capitalization nearing the N60 trillion mark, hovering around N59.5 trillion.
- The week began on a strong note, with the All-Share Index (ASI) showing gains on Monday; however, Tuesday saw a dip. Most of the week’s gains were achieved on Wednesday, and despite a slight pullback on Thursday, the index ultimately closed on a positive note, amid Friday’s gains.
- Sectoral performance was varied. The NGX Premium Index surged by 2.88%, driven by a 27% jump in Lafarge Africa, while the NGX 30 gained 1.20%. In contrast, the NGX Main Board Index saw a modest decline of 0.39%.
- The NGX Insurance Index soared by 10.5%, propelled by significant gains of over 15% in stocks such as Sunu Assurances, Conerst, Consolidated Hallmark, Lasaco Assurance, and Sovereign Trust Assurance PLC.
- The NGX Oil and Gas Index climbed 4.84%, while the NGX Industrial Goods Index rose by 2.52%.
The NGX Banking Index also ended in the green, up 1.30%, supported by gains in Access Bank, Fidelity, and UBA.
The NGX Consumer Index closed slightly higher, gaining 0.13%.
Top gainers
Leading the pack of gainers, GOLDEN GUINEA BREW. PLC. surged by 45.95%, followed by SUNU ASSURANCES NIGERIA PLC., which rose by 29.49%. Other notable gainers included:
- LAFARGE AFRICA PLC: up 27.59% to N74.00
- SECURE ELECTRONIC TECHNOLOGY PLC: up 27.27% to N0.70
- CORNERSTONE INSURANCE PLC: up 25.00% to N3.20
- CONSOLIDATED HALLMARK HOLDINGS PLC: up 25.00% to N2.50
- AFRICA PRUDENTIAL PLC: up 20.00% to N10.80
- ABBEY MORTGAGE BANK PLC: up 16.67% to N2.80
- BETA GLASS PLC: up 16.31% to N57.71
- LASACO ASSURANCE PLC: up 15.96% to N2.47
Top losers
On the losing side, LEARN AFRICA PLC led the decline, plunging by 11.75%, followed by ARADEL HOLDINGS PLC and E-TRANZACT INTERNATIONAL PLC, which fell by 10.06% and 10.00%. Other significant decliners included:
- RED STAR EXPRESS PLC: down 10.00% to N4.41
- JOHN HOLT PLC: down 9.98% to N8.03
- DAAR COMMUNICATIONS PLC: down 6.56% to N0.57
- PRESTIGE ASSURANCE PLC: down 6.25% to N0.75
- HALDANE MCCALL PLC: down 5.65% to N5.85
- VITAFOAM NIG PLC: down 5.53% to N22.20
- THE INITIATES PLC: down 4.89% to N2.14
Corporate Announcements
- Cutix PLC released its Q3 financial report.
- FCMB published its Q3 financial statements.
- Julius Berger elected a new chairman following a leadership transition.
- Translational Corporation appointed a new company secretary for the group.
Outlook
If the market momentum continues, the strong price gains seen in individual stocks during the week ending December 6, 2024, could push the All-Share Index toward the 99,000-mark, with market capitalization set to exceed N60 trillion.
As investor confidence continues to build and positive momentum strengthens in key sectors, this upward trajectory might continue in the near term.
