The Nigerian All-Share Index faced a setback in the first trading week of March, retreating by 1,282.79 points to close at 106,538.60.
This marks the second consecutive week of decline, reflecting a 1.19% drop from its opening value of 107,821.39 as the index slipped below the 107,000-mark.
Trading volume also fell by 1.61%, decreasing from 1.84 billion shares the previous week to 1.81 billion.
Market capitalization witnessed a notable decline, dropping from N67.1 trillion at the week’s start to N66.7 trillion by its end.
Despite the overall downturn, thirty equities saw price increases, surpassing the twenty-seven that gained the previous week. On the contrary, fifty-eight equities experienced price drops, a slight decrease from sixty in the prior week.
Market overview
The Nigerian stock market experienced a downward spiral over the past week, with all sub-sectors, except for the Commodity Index, closing in the red.
All-Share saw consecutive declines from Monday to Wednesday but managed a slight uptick on Thursday before resuming its downward trajectory on Friday.
Key highlights of the week
The NGX Premium Index declined by 1.06%, coinciding with over a 3% drop in ACCESSCORP, MTNN, and FBNH, alongside a 1.14% decrease in ZENITHBANK.
- The NGX 30 index fell by 1.50%, while the NGX-Main Board Index decreased by 1.26%.
Sectoral indices
- The NGX Banking Index fell by 2.87%, primarily due to significant declines in ACCESSCORP, STERLING, WEMA BANK, and FIDELITY BANK, all dropping over 3%. Meanwhile, the NGX Insurance Index decreased by 2.33%.
- The NGX Consumer Goods Index slipped 1.72%, impacted by losses in DANGOTE SUGAR and CADBURY.
- Additionally, the NGX Oil and Gas Index experienced a 0.19% drop, while the Industrial Goods Index saw a slight decline of 0.01%.
Top gainers
Leading the charge among gainers was TANTALIZERS PLC, which climbed by 36.32% week-to-date, followed by UH REAL ESTATE INVESTMENT TRUST at 28.59%. Other notable gainers included:
- LIVESTOCK FEEDS PLC: up 12.38%, N8.35
- NIGERIAN EXCHANGE GROUP: up 10.00%, N33.00
- LEARN AFRICA PLC: up 10.00%, N3.63
- S C O A NIG. PLC: up 9.88%, N3.78
- EUNISELL INTERLINKED PLC: up 9.69%, N10.75
- SMART PRODUCTS NIGERIA PLC: up 9.09%, N0.36
- C & I LEASING PLC: up 8.11%, N4.00
- GUINNESS NIG PLC: up 7.97%, N79.90
Top losers
On the losers’ table was ETERNA PLC, which declined by 18.69% week-to-date, followed by TRANSNATIONAL CORPORATION PLC at 17.72%. Other notable losers included:
- FCMB GROUP PLC: down 14.15%, N9.10
- ROYAL EXCHANGE PLC: down 13.33%, N0.78
- SOVEREIGN TRUST INSURANCE PLC: down 13.16%, N0.99
- CAVERTON OFFSHORE SUPPORT GRP PLC: down 11.86%, N2.60
- IKEJA HOTEL PLC: down 11.57%, N10.70
- UNITED CAPITAL PLC: down 10.14%, N19.95
- RED STAR EXPRESS PLC: down 10.00%, N5.94
- MULTIVERSE MINING AND EXPLORATION PLC: down 9.74%, N8.80
Corporate actions overview
This week featured several noteworthy corporate announcements:
- Champion Brew. PLC released its audited financial statement for the year ending December 31, 2024.
- Dangote Sugar Refinery PLC also unveiled its audited financial statement for the same period.
- Tantalizers PLC announced an expansion into the blue economy, acquiring 10 trawlers and partnering with a U.S.-based marine group.
- Transnational Corporation PLC disclosed its audited financial statement for the year ended December 31, 2024.
Market outlook
The All-Share Index appears to be entering a retracement phase, having declined during the first trading week of March and slipping below the 107,000-threshold.
- A correction following consecutive declines could provide investors with opportunities to enter at more attractive prices.
- If the index is not deemed overbought, it could set the stage for a potential rally.
