The All-Share Index exhibited notable growth during the second trading week of February, advancing by 2,120.92 points to close at 108,053.95 on the 14th, spurred by gains in the industrial goods sector.
This increase represents a 2.00% gain relative to the previous week’s closing figure of 105,933.03, with the index successfully surpassing the significant thresholds of 106,000, 107,000, and 108,000.
Conversely, trading volume experienced a decline of 18%, decreasing from 2.9 billion shares to 2.4 billion shares.
Nevertheless, market capitalization demonstrated robust performance, rising from N65.9 trillion at the beginning of the week to conclude at N67.4 trillion.
During this flourishing period, sixty-five equities recorded price increases, a rise from the fifty-eight that appreciated in the prior week. Conversely, thirty-one equities experienced price declines, reflecting an improvement on the thirty-four that decreased in the previous week.
Market overview
The Nigerian stock market demonstrated a positive trajectory over the past week, with mid and large-cap stocks leading the charge in the gains.
While All-Share opened the week slightly lower, it gained significant momentum throughout Tuesday, Wednesday, and Thursday, before experiencing a decline on Friday.
Key highlights of the week
- The NGX Premium Index recorded a robust weekly increase of 10.36%, primarily driven by an impressive 21.8% surge in DANGOTE CEMENT, complemented by modest gains in MTN and WAPCO.
- The NGX 30 Index rose by 2.14%; however, the NGX Main Board Index ended the week on a down note, shedding 0.79%.
Sectoral indices
- The NGX Industrial Goods Index surged by an impressive 10.36%, fueled by a notable over 21% increase in Dangote Cement (DANGCEM) and a 10% rise in Beta Glass (BETAGLASS).
- The NGX Insurance Index experienced a substantial gain of 2.52%, largely attributed to a remarkable 27% increase in SUNU Assurances Nigeria PLC.
- Conversely, the NGX Consumer Goods, NGX Oil and Gas, and NGX Banking indices faced declines of 3.63%, 2.30%, and 0.24%, respectively.
Top gainers
Leading the charge among gainers was HONEYWELL FLOUR MILL PLC, which climbed by 47.06% week-to-date, followed by UPDC PLC at 45.95%. Other notable gainers included:
- VFD GROUP PLC: up 30.63%, N58.00
- SMART PRODUCTS NIGERIA PLC: up 30.00%, N0.26
- SUNU ASSURANCES NIGERIA PLC: up 27.94%,
6.41 - IKEJA HOTEL PLC: up 24.44%, N14.00
- ETERNA PLC: up 22.78%, N45.00
- DANGOTE CEMENT PLC: up 21.83%, N480.00
- MULTIVERSE MINING AND EXPLORATION PLC: up 20.44%, N10.90
- CONSOLIDATED HALLMARK HOLDINGS PLC: up 20.07%, N3.65
Top losers
On the losers’ table was DAAR COMMUNICATIONS PLC which declined by 13.58% week-to-date, followed by INTERNATIONAL ENERGY INSURANCE PLC at 10.80%. Other notable losers included:
- BUA FOODS PLC: down 10.00%, N373.50
- GOLDEN GUINEA BREW. PLC.: down 9.91%, N7.09
- EUNISELL INTERLINKED PLC: down 9.67%, N12.05
- JULIUS BERGER NIG. PLC.: down 8.44%, N128.00
- DEAP CAPITAL MANAGEMENT & TRUST PLC: down 8.26%, N1.00
- FTN COCOA PROCESSORS PLC: down 7.49%, N1.73
- CORONATION INSURANCE PLC: down 7.20%, N2.45
- GUINEA INSURANCE PLC.: down 7.06%, N0.79
Corporate actions overview
This week featured several significant corporate announcements:
- Thomas Wyatt Nigeria PLC unveiled a new business line, aiming for market expansion.
- VFD Group PLC announced its divestment from Atiat Limited, reshaping its investment strategy.
- Fidelity Bank PLC issued a press release on its public offer and rights issue for shareholders.
- Haldane McCall PLC and Nigerian Breweries PLC published audited financial statements for the year ending December 31, 2024.
- PZ Cussons Nigeria PLC notified the market of a new director’s appointment.
Market outlook
The Index is currently experiencing strong buying momentum as it approaches the psychological barrier of 110,000.
If All-Share is not perceived as overbought, the positive sentiment stemming from the recent earnings reports of late January and early February may continue to propel the index upward.
