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Weekly Market Wrap: All-Share hits N64 trillion, beneficial properties 1.80% as MTNN soars, insurance coverage shares tumble 

The Nigerian inventory market closed the buying and selling week ending January 10, 2025, on a excessive observe, with the All-Share Index (ASI) posting a powerful achieve of 1,864.73 factors to settle at 105,451.06.

This stellar efficiency represents a 1.80% uptick from the earlier week’s shut of 103,586.33, shattering the 104,500-resistance degree that had held agency since March 2024.

Marking the sixth consecutive week of beneficial properties, the market’s rally was fueled by intensified buying and selling exercise.

Complete market quantity surged to three.6 billion shares, reflecting a sturdy 37.8% improve from the previous week’s 2.6 billion shares.

In the meantime, market capitalization surpassed the numerous milestone of N64 trillion, closing at N64.3 trillion, pushed by beneficial properties within the Premium sub-index and broad-based value will increase throughout key equities.

A better take a look at value actions reveals a combined however vibrant buying and selling panorama. Fifty-one equities recorded value appreciations, a decline from the 82 gainers of the prior week.

Conversely, 39 equities noticed value depreciations, a notable rise from the earlier week’s 18, whereas 62 equities remained flat.

Market efficiency 

The Nigerian inventory market demonstrated a largely bullish trajectory over the previous week, with market capitalization crossing the N64 trillion milestone to shut at N64.3 trillion.

The All-Share Index (ASI) began the week on a optimistic observe, ending Monday within the inexperienced. Though the index skilled a minor dip on Tuesday, it rebounded on Wednesday.

A lot of the week’s beneficial properties have been recorded on Thursday, however the market noticed a marginal decline of 0.08% on Friday.

Key highlights of the week: 

  • The NGX Premium Index surged by a powerful 4.20%, pushed by vital will increase in key shares equivalent to MTNN (+21%) and FBNH (+8%).
  • The NGX 30 Index posted a achieve of two.19%, whereas the NGX Fundamental Board Index superior by 0.57%, reflecting broad-based investor confidence.

Sectoral efficiency: 

  • The NGX Banking Index led the market’s efficiency, rising by 1.94% on the again of beneficial properties in WEMA Bank and Ecobank (ETI).
  • The Insurance coverage Index confronted a pointy decline of 6.91%, weighed down by losses of over 10% in 4 insurance coverage shares.
  • Different sectoral indices skilled modest declines, with the Shopper Items Index, Oil and Gasoline Index, and Industrial items Index all retreating by 0.34%, 0.34%, and 0.26%, respectively.

Prime gainers  

Main the pack of gainers, MULTIVERSE MINING AND EXPLORATION PLC surged by 53.42%, adopted by HONEYWELL FLOUR MILL PLC, which rose by 31.67%. Different notable gainers included:

  • DAAR COMMUNICATIONS PLC: up 25.71% to N0.88
  • MTN NIGERIA COMMUNICATIONS PLC: up 21.00% to N242.00
  • NCR (NIGERIA) PLC.: up 20.66% to N7.30
  • TRANS-NATIONWIDE EXPRESS PLC.: up 20.48% to N2.00
  • TRANSNATIONAL CORPORATION PLC: up 18.39% to N51.50
  • LEARN AFRICA PLC: up 16.97% to N5.79
  • LINKAGE ASSURANCE PLC: up 16.31% to N1.64
  • UNIVERSITY PRESS PLC.: up 15.58% to N4.45

Prime losers  

On the dropping aspect, SUNU ASSURANCES NIGERIA PLC. led the decline, falling by 36.52%, adopted by CAVERTON OFFSHORE SUPPORT GRP PLC and CONSOLIDATED HALLMARK HOLDINGS PLC, which fell by 15.00% and 15.00%, respectively. Different vital decliners included:

  • R T BRISCOE PLC.: down 14.33% to N2.57
  • JAIZ BANK PLC: down 10.77% to N2.90
  • PRESTIGE ASSURANCE PLC: down 10.27% to N1.31
  • CORNERSTONE INSURANCE PLC: down 10.11% to N3.91
  • EUNISELL INTERLINKED PLC: down 9.96% to N17.35
  • ROYAL EXCHANGE PLC.: down 9.92% to N1.09
  • SKYWAY AVIATION HANDLING COMPANY PLC: down 9.87% to N30.15

Company bulletins  

A number of company bulletins made waves this week:

  • GTCO Plc efficiently accomplished the primary section of its capital elevate programme, elevating N209 billion.
  • UAC of Nigeria Plc introduced board adjustments, together with the retirement of Mr. Bolaji Odunsi.
  • FBN Holdings outlined steps to guard its shareholders’ pursuits following stories on an EGM demand.
  • Airtel Africa Plc disclosed a transaction involving its personal shares.

Outlook 

  • The Nigerian All-Share Index has crossed the 105,000-mark, sustaining its sturdy begin to the 12 months. This milestone breaks by way of the 104,500-level final achieved in March 2024.
  • The index’s upward momentum may achieve additional traction, pushed by the anticipated launch of optimistic This autumn 2024 earnings stories in January and February, and robust investor sentiment round particular shares.
  • Nevertheless, the rally’s sustainability might hinge on whether or not the market is perceived as overbought.

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