Weekly Market Wrap: All-Share hits N63 trillion, beneficial properties 1.42% as insurance coverage shares shine, PZ Cussons leads decliners

The Nigerian inventory market concluded the buying and selling week ending January 3, 2025, on a constructive notice, with the All-Share Index (ASI) rising by 1,453.03 factors to shut at 103,586.33.

This notable rise displays a 1.42% ascent from the earlier week’s closing determine of 102,133.30, efficiently surpassing the numerous threshold of 103,000, as insurance coverage shares rallied.

Throughout this era of bullish momentum, market exercise skilled a surge, with buying and selling quantity spiking by 94.7%, leading to a weekly whole of two.6 billion shares exchanged, a marked enhance from the 1.3 billion shares recorded within the prior week.

Moreover, the market breadth demonstrated appreciable power, with eighty-two (82) equities witnessing value appreciation, exceeding the sixty-four (64) equities that skilled comparable beneficial properties within the previous week.

Conversely, the variety of equities that confronted depreciation decreased to eighteen (18), down from twenty (20) the earlier week, underscoring a extra favorable market setting.

Market efficiency

The Nigerian inventory market exhibited a predominantly bullish development all through the week, with market capitalization surpassing the N63 trillion threshold to shut at N63.1 trillion.

The All-Share Index (ASI) commenced the week on a strong notice, capturing most of its beneficial properties on Monday earlier than experiencing a slight dip on Tuesday. Following a public vacation on Wednesday, the index rebounded, closing in constructive territory on each Thursday and Friday.

Key highlights of the week

The NGX Premium Index rose by 0.98%, pushed by sturdy performances from heavyweight shares akin to WAPCO, MTNN, ACCESSCORP, and UBA. The NGX-30 additionally witnessed a 1.25% enhance.
The NGX Fundamental Board Index achieved a achieve of 1.62%, indicative of broad-based momentum.

Sectorial Efficiency:

The NGX Insurance coverage Index led the cost with a exceptional 26.91% enhance, buoyed by the stellar efficiency of seven insurance coverage shares, every surging over 33% for the week, significantly PRESTIGE ASSURANCE PLC and SOVEREIGN TRUST INSURANCE PLC.

Following intently, the NGX Shopper Items Index recorded a 2.16% enhance, fueled by important beneficial properties of 20% in HONEYWELL FLOUR MILLS PLC and UNILEVER NIGERIA.

The NGX Banking and NGX Industrial items indices posted modest beneficial properties of 0.58% and 0.50%, respectively.

Conversely, the NGX Oil and Fuel Index skilled a decline of 0.45%, amid over 4% drops in TOTAL, ETERNA, and OANDO.

Prime Gainers

Main the pack of gainers, PRESTIGE ASSURANCE PLC surged by 46.00%, adopted by NEIMETH INTERNATIONAL PHARMACEUTICALS PLC, which rose by 45.26%. Different notable gainers included:

SOVEREIGN TRUST INSURANCE PLC: up 45.16% to N1.35
CORONATION INSURANCE PLC: up 44.92% to N2.71
UNIVERSAL INSURANCE PLC: up 43.64% to N0.79
TANTALIZERS PLC: up 43.60% to N2.47
GUINEA INSURANCE PLC: up 42.65% to N0.97
CONSOLIDATED HALLMARK HOLDINGS PLC: up 39.86% to N4.00
CORNERSTONE INSURANCE PLC: up 33.03% to N4.35
ROYAL EXCHANGE PLC: up 32.97% to N1.21

Prime Losers

On the dropping aspect, PZ CUSSONS NIGERIA PLC led the decline, falling by 13.79%, adopted by CWG PLC and UNION DICON SALT PLC, which fell by 10.83% and 10.00%, respectively. Different important decliners included:

NIGERIAN EXCHANGE GROUP: down 9.17% to N27.25
CADBURY NIGERIA PLC: down 6.52% to N21.50
TOTALENERGIES MARKETING NIGERIA PLC: down 6.51% to N630.00
ETERNA PLC: down 6.32% to N26.70
OANDO PLC: down 4.23% to N64.50
ASSOCIATED BUS COMPANY PLC: down 4.07% to N1.18
DANGOTE SUGAR REFINERY PLC: down 3.82% to N32.75

Company Bulletins
A number of company bulletins made waves this week:

Nigerian Breweries Plc introduced the itemizing of 20,706,894,542 new abnormal shares as a part of its rights difficulty.
Entry Holdings Plc launched its Group Sustainability Report.
Presco Plc issued an announcement concerning its upcoming bond issuance.
FCMB Group Plc efficiently accomplished its public supply, marking a major milestone in its capital-raising efforts.
John Holt Plc revealed its fifth-quarter monetary assertion for 2024, offering insights into its efficiency and outlook.

Outlook

The Nigerian All-Share Index has surpassed the 103,000 milestone, persevering with its sturdy efficiency originally of the 12 months.
With the numerous barrier of 104,000—final achieved in March 2024—now inside attain, the market’s route will probably rely on funding exercise in January.
Anticipated favorable company outcomes for This fall 2024 might supply the mandatory impetus to drive the index even larger.