The Nigerian All-Share Index confronted a setback within the first buying and selling week of March, retreating by 1,282.79 factors to shut at 106,538.60.
This marks the second consecutive week of decline, reflecting a 1.19% drop from its opening worth of 107,821.39 because the index slipped beneath the 107,000-mark.
Buying and selling quantity additionally fell by 1.61%, reducing from 1.84 billion shares the earlier week to 1.81 billion.
Market capitalization witnessed a notable decline, dropping from N67.1 trillion on the week’s begin to N66.7 trillion by its finish.
Regardless of the general downturn, thirty equities noticed worth will increase, surpassing the twenty-seven that gained the earlier week. Quite the opposite, fifty-eight equities skilled worth drops, a slight lower from sixty within the prior week.
Market overview
The Nigerian inventory market skilled a downward spiral over the previous week, with all sub-sectors, apart from the Commodity Index, closing within the pink.
All-Share noticed consecutive declines from Monday to Wednesday however managed a slight uptick on Thursday earlier than 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% lower in ZENITHBANK.
- The NGX 30 index fell by 1.50%, whereas the NGX-Most important Board Index decreased by 1.26%.
Sectoral indices
- The NGX Banking Index fell by 2.87%, primarily because of vital declines in ACCESSCORP, STERLING, WEMA BANK, and FIDELITY BANK, all dropping over 3%. In the meantime, the NGX Insurance coverage Index decreased by 2.33%.
- The NGX Client Items Index slipped 1.72%, impacted by losses in DANGOTE SUGAR and CADBURY.
- Moreover, the NGX Oil and Fuel Index skilled a 0.19% drop, whereas the Industrial Items Index noticed a slight decline of 0.01%.
High gainers
Main the cost amongst gainers was TANTALIZERS PLC, which climbed by 36.32% week-to-date, adopted by UH REAL ESTATE INVESTMENT TRUST at 28.59%. Different 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
High losers
On the losers’ desk was ETERNA PLC, which declined by 18.69% week-to-date, adopted by TRANSNATIONAL CORPORATION PLC at 17.72%. Different 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
Company actions overview
This week featured a number of noteworthy company bulletins:
- Champion Brew. PLC launched its audited monetary assertion for the yr ending December 31, 2024.
- Dangote Sugar Refinery PLC additionally unveiled its audited monetary assertion for a similar interval.
- Tantalizers PLC introduced an growth into the blue economic system, buying 10 trawlers and partnering with a U.S.-based marine group.
- Transnational Company PLC disclosed its audited monetary assertion for the yr ended December 31, 2024.
Market outlook
The All-Share Index seems to be getting into a retracement section, having declined throughout the first buying and selling week of March and slipping beneath the 107,000-threshold.
- A correction following consecutive declines might present traders with alternatives to enter at extra enticing costs.
- If the index just isn’t deemed overbought, it might set the stage for a possible rally.
Be First to Comment