The Nigerian stock market wrapped up the trading week ending December 13, 2024, with a stellar performance, as the All-Share Index (ASI) recorded an impressive gain of 1,167.31 points to close at 99,378.06.
This represents a 1.19% rise from the previous week’s close of 98,210.75, showcasing robust bullish momentum and driving market capitalization to an impressive N60.2 trillion.
The rally was driven by strong performances in mid and large-cap stocks, led by the oil and gas sector, where key players like CONOIL, ARADEL, and OANDO posted significant gains.
However, the surge in prices was accompanied by a slight decline in trading activity. Market volume fell to 2.7 billion shares, reflecting a 13.29% drop from the 3.1 billion shares traded in the preceding week.
In terms of stock performance, 51 equities appreciated in value, mirroring the tally from the previous week. Meanwhile, the number of decliners rose to 35, up from 30 in the prior week.
Market performance
The Nigerian stock market delivered a predominantly positive performance throughout the week, with its market capitalization surpassing the N60 trillion milestone to close at N60.2 trillion.
All-Share started the week on a negative note on Monday but quickly rebounded on Tuesday, supported by bullish price action at a daily market volume of 939 million shares. The upward trend persisted through the week, culminating in a significant surge on Friday that pushed the index above the N60 trillion market cap.
- Bullish momentum extended to sub-indexes as the NGX Premium Index rose by 0.13%, driven by gains in OANDO and MTNN, while the NGX 30 slipped slightly, shedding 0.09%. The NGX Main Board Index, however, outperformed with a notable gain of 1.75%, reversing last week’s trend.
- NGX Oil and Gas Index recorded a stellar performance, surging by 7.61%, buoyed by significant price gains of over 15% in CONOIL and ARADEL.
- NGX Insurance Index soared by 5.52%, buoyed by impressive gains exceeding 20% in CORONATION INSURANCE and SUNU ASSURANCES.
- NGX Consumer Goods Index also closed in positive territory, up 1.01%, while the NGX Industrial Goods Index rose modestly by 0.60%.
- Meanwhile, the NGX Banking Index edged higher by 0.16%, supported by modest gains in ECOBANK, STERLING BANK, and JAIZ BANK.
This broadly positive performance underscores investor confidence across various sectors, with oil and gas and insurance stocks leading the charge.
Top gainers
Leading the pack of gainers, GOLDEN GUINEA BREW. PLC. surged by 60.00%, followed by AFRICA PRUDENTIAL PLC., which rose by 59.72%. Other notable gainers included:
- TANTALIZERS PLC: up 52.07% to N1.84
- CONOIL PLC: up 33.52% to N387.20
- CORONATION INSURANCE PLC: up 25.23% to N1.34
- SUNU ASSURANCES NIGERIA PLC.: up 20.79% to N6.10
- NEM INSURANCE PLC: up 18.48% to N10.90
- ARADEL HOLDINGS PLC: up 18.28% to N550.00
- N NIG. FLOUR MILLS PLC: up 15.25% to N40.05
- P Z CUSSONS NIGERIA PLC: up 13.64% to N25.00
Top losers
On the losing side, SECURE ELECTRONIC TECHNOLOGY PLC led the decline, plunging by 22.86%, followed by AUSTIN LAZ & COMPANY PLC and HALDANE MCCALL PLC, which fell by 14.74% and 11.11%. Other significant decliners included:
- JULIUS BERGER NIG. PLC.: down 10.00% to N155.25
- JOHN HOLT PLC: down 9.96% to N7.23
- MORISON INDUSTRIES PLC.: down 9.89% to N4.01
- CONSOLIDATED HALLMARK HOLDINGS PLC: down 9.20% to N2.27
- HONEYWELL FLOUR MILL PLC: down 8.00% to N4.60
- LIVESTOCK FEEDS PLC.: down 7.89% to N3.15
- FTN COCOA PROCESSORS PLC: down 7.49% to N1.73
Corporate Announcements
- SEPLAT Energy Plc announces UK prospectus publication on MPNU acquisition.
- Access Bank UK launches Access Bank Malta Limited to boost Europe-Africa trade ties.
- Access Bank Plc signs an agreement to acquire 100% equity in South Africa’s Bidvest Bank.
- MTN Nigeria Communications Plc raises N72.18 billion through commercial paper issuance.
Outlook
The All-Share Index surged past the 99,000 threshold, driven by positive price movements in mid- and large-cap stocks. This bullish momentum sets the stage for a potential rally towards the much-anticipated 100,000-point mark.
With strong investor confidence and robust performance across key sectors, the Nigerian equities market is poised to sustain its upward trajectory in the near term.
