The All-Share Index ended Week 3 of February in positive territory, rising by 443.45 points to close at 108,497.40, supported by strong rallies in consumer goods stocks like Dangote Sugar and BUA Foods.
This increase reflects a 0.41% gain compared to the previous week’s closing figure of 108,053.95, with the index remaining above the 108,000-mark.
However, All-Share experienced a decline in trading volume, dropping by 20.63% to close at 2 billion shares, down from 2.4 billion shares traded the prior week.
Nevertheless, market capitalization showed robust performance, rising from N67.4 trillion at the beginning of the week to finish at N67.6 trillion.
During this period, twenty-eight (28) equities appreciated, a decrease from sixty-five (65) equities in the previous week, while fifty-eight (58) equities depreciated, an increase from thirty-one (31) in the previous week.
Market overview
The Nigerian stock market exhibited a positive trajectory over the past week, with mid and large-cap stocks spearheading the gains.
The index faced a downturn on Monday, followed by a further decline on Tuesday. However, it rebounded with bullish price action on Wednesday, recouping a substantial portion of its weekly losses before stalling through Thursday and Friday.
Key highlights of the week
The NGX Premium Index dipped by 1.15%.
- Notably, WAPCO recorded a modest gain of 0.12%, and SEPLAT remained unchanged, while other premium stocks experienced moderate losses below 6%.
In contrast, the NGX 30 increased by 0.59%, and the NGX Main Board Index rose by 1.48%.
Sectoral indices
- The NGX Consumer Goods Index surged by 6.55%, driven by over 15% gains in DANGOTE SUGAR and more than 9% increases in BUA FOODS and CHAMPION BREWERIES PLC.
- The NGX Insurance Index experienced a 1.47% gain, bolstered by positive performances from SOVEREIGN TRUST INSURANCE PLC and CORONATION INSURANCE PLC. Meanwhile, the NGX Industrial Goods Index noted a slight increase of 0.05%.
- Conversely, the NGX Banking Index and NGX Oil and Gas Index faced declines of 3.22% and 2.87%, respectively.
Top gainers
Leading the charge among gainers was ABBEY MORTGAGE BANK PLC, which climbed by 16.13% week-to-date, followed by SMART PRODUCTS NIGERIA PLC at 15.38%. Other notable gainers included:
- Dangote Sugar Refinery Plc: up 15.00%, N41.40
- BUA Foods Plc: up 11.91%, N418.00
- Sovereign Trust Insurance Plc: up 11.86%, N1.32
- Champion Brew Plc: up 9.87%, N4.12
- Nigerian Enamelware Plc: up 9.43%, N23.20
- Coronation Insurance Plc: up 9.39%, N2.68
- Red Star Express Plc: up 6.67%, N6.40
- Nascon Allied Industries Plc: up 6.33%, N44.50
Top Losers
On the losers’ table was UNION DICON SALT PLC, which declined by 25.00% week-to-date, followed by IKEJA HOTEL PLC at 21.43%. Other notable losers included:
- UPDC Plc: down 17.99%, N3.10
- Academy Press Plc: down 16.52%, N2.78
- Oando Plc: down 15.71%, N59.00
- Royal Exchange Plc: down 15.15%, N0.84
- Ellah Lakes Plc: down 14.17%, N3.21
- Eterna Plc: down 9.78%, N40.60
- VFD Group Plc: down 9.66%, N52.40
- UPDC Real Estate Investment Trust: down 8.78%, N6.75
Corporate actions overview
This week featured several significant corporate announcements:
- VFD Group strengthened its commitment to V Bank with a N5 billion investment
- Haldane McCall Plc appointed Finance Director.
- Honeywell Flour Mill Plc passed resolutions at HFMP’s 2024 Annual General Meeting.
- Haldane McCall Plc issued a notice of office relocation.
Market outlook
The Index is currently experiencing buying momentum as it approaches the psychological barrier of 110,000. If the All-Share Index is not viewed as overbought, the positive sentiment generated by the recent earnings reports from late January and early February may continue to drive the index higher.
