The Nigerian inventory market closed the buying and selling week ending November 22, 2024, on a optimistic observe, with the All-Share Index (ASI) gaining 106.74 factors to complete at 97,829.02.
This marks a modest 0.11% acquire in comparison with the earlier week’s closing stage of 97,722.28, reflecting sustained investor curiosity amid a surge in market exercise.
Market quantity skilled a major uptick, with 1.9 billion shares traded through the week—a considerable 31.73% enhance from the 1.4 billion shares exchanged the earlier week.
The week’s market breadth painted a combined image, with 42 equities posting beneficial properties, an enchancment from the 39 gainers recorded within the earlier week.
Nevertheless, the variety of decliners dropped sharply to 24 shares, down from the 46 losers seen within the previous week.
Market efficiency
The Nigerian inventory market confirmed a combined however principally optimistic efficiency throughout a number of sectors through the week, boosted by a 31.73% enhance in buying and selling quantity.
Beginning on a optimistic observe, the All-Share Index (ASI) recorded beneficial properties from Monday to Wednesday, however slight declines on Thursday and Friday reversed a number of the earlier surge.
Amongst sectoral indices, the NGX Premium Index recorded a acquire of 0.23%, whereas the NGX 30 and NGX Foremost Board Index posted modest will increase of 0.05% and 0.03%, respectively, reflecting the general bullish sentiment out there.
- The NGX Insurance coverage Index soared by 4.11%, pushed by double-digit beneficial properties in Guinea Insurance coverage, Sunu Insurance coverage, and Mansard.
- Equally, the NGX Client Index climbed 2.20%, fueled by over 20% rallies in Cadbury and Unilever.
- Different sectors adopted swimsuit, with the NGX Industrial Index rising by 1.08% and the NGX Oil & Fuel Index advancing 0.25%.
- On the flip aspect, the NGX Banking Index declined by 2.00%, dragged down by losses of over 4% in FBN Holdings, Sterling Bank, and Stanbic IBTC.
Prime gainers
Main the pack of gainers, JOHN HOLT PLC surged by 42.49%, adopted by LAFARGE AFRICA, which rose by 28.57%. Different notable gainers included:
- CADBURY NIGERIA: up 22.41% to N21.30
- GUINEA INSURANCE PLC: up 22.22% to N0.55
- UNILEVER NIGERIA: up 20.82% to N29.60
- PRESTIGE ASSURANCE: up 18.75% to N0.77
- DANGOTE SUGAR: up 16.67% to N35.00
- SUNU ASSURANCES: up 16.18% to N3.16
- MANSARD: up 13.39% to N7.20
- BETAGLAS: up 9.48% to N49.65
Prime losers
On the shedding aspect, MULTIVERSE led the decline, plunging by 17.61%, adopted by PZ CUSSONS NIGERIA and UNIVERSITY PRESS, which each fell by 11.62%. Different important decliners included:
- RT BRISCOE: down 9.40% to N2.70
- FBN HOLDINGS: down 7.97% to N25.40
- BERGER PAINTS: down 7.71% to N17.35
- PRESCO: down 7.29% to N450.00
- STERLING BANK: down 5.61% to N4.71
- VERITAS KAPITAL: down 5.38% to N1.23
- STANBIC IBTC: down 5.09% to N55.00
Company bulletins
The previous week featured notable company developments throughout numerous sectors of the Nigerian market.
- Champion Breweries PLC introduced a discover for an Extraordinary Normal Assembly.
- ASO Financial savings and Loans PLC launched its unaudited monetary assertion for the interval ended December 31, 2023.
- Cutix PLC issued a discover relating to the cancellation of its beforehand scheduled Extraordinary Normal Assembly.
- Conoil PLC shared resolutions handed at its 54th Annual Normal Assembly (AGM).
Outlook
Regardless of this week’s dip within the banking sector, which pulled the All-Share Index from a excessive above 98,200 to under 98,000, the index managed to finish barely in optimistic territory.
A restoration within the banking sector, significantly amongst Tier 1 banks, mixed with sustained optimistic momentum in different sectors, might drive the index greater within the periods forward.
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