The Nigerian stock market concluded the trading week ending November 8, 2024, on a bearish note, as the All-Share Index (ASI) slipped by 195.83 points to close at 97,236.19.
This represents a 0.20% decline from the previous week’s close of 97,432.02, marking the second consecutive week the index has ended below its opening level.
Notably, trading activity surged during the week, with volumes increasing significantly to 3.2 billion shares, an 18.52% jump from the 2.7 billion shares recorded the previous week.
However, the broader market exhibited mixed sentiments, as 31 equities appreciated compared to 39 in the prior week, while 42 equities saw price declines, an improvement from the 45 recorded in the preceding week.
Market Performance
Despite the week’s overall bearish trajectory, market activity demonstrated a notable uptick, with trading volumes rising by 18.52%, indicating heightened investor participation.
Nevertheless, ASI ended slightly in the red, with Monday and Wednesday contributing the most to the weekly losses. By Thursday and Friday, the index showed signs of stabilization but failed to reverse earlier declines.
- The NGX Premium Index emerged as a bright spot, advancing by 0.34%. However, the NGX 30 and NGX Main Board Index mirrored the ASI’s bearish performance, dipping by 0.17% and 0.48%, respectively.
- The NGX Oil and Gas Index stood out as a significant gainer, surging by 5.43%, buoyed by bullish momentum in key stocks such as Conoil and Aradel.
- Similarly, the NGX Banking Index climbed by 2.81%, while the NGX Insurance Index edged up marginally by 0.11%. The NGX Consumer Goods Index also recorded a modest increase of 0.02%.
- Conversely, the NGX Industrial Goods Index struggled, posting a marginal decline of 0.02%, underscoring the mixed performance across different sectors.
Top Gainers
Leading the pack of gainers, EUNISELL INTERLINKED PLC surged by 45.91%, followed by JOHN HOLT PLC., which rose by 45.76%. Other notable gainers included:
- CONOIL PLC: up 37.35% to N260.00
- SOVEREIGN TRUST INSURANCE PLC: up 21.05% to N0.69
- CONSOLIDATED HALLMARK HOLDINGS PLC: up 14.86% to N1.70
- P Z CUSSONS NIGERIA PLC.: up 13.41% to N24.95
- STERLING FINANCIAL HOLDINGS COMPANY PLC: up 11.70% to N5.25
- ACCESS HOLDINGS PLC: up 11.54% to N24.65
- ARADEL HOLDINGS PLC: up 8.91% to N485.30
- CORONATION INSURANCE PLC: up 7.61% to N0.99
Top Losers
On the losing side, OANDO PLC led the decline, plunging by 21.97%, followed by ABBEY MORTGAGE BANK PLC and DEAP CAPITAL MANAGEMENT & TRUST PLC, which fell by 18.15% and 14.40%, respectively.
Other significant decliners included:
- TANTALIZERS PLC: down 12.50% to N0.56
- MEYER PLC: down 9.98% to N7.67
- ETERNA PLC: down 9.82% to N24.80
- INTERNATIONAL ENERGY INSURANCE PLC: down 9.09% to N1.20
- JAPAUL GOLD & VENTURES PLC: down 8.89% to N2.05
- ROYAL EXCHANGE PLC: down 7.94% to N0.58
- NASCON ALLIED INDUSTRIES PLC: down 7.83% to N30.00
Corporate Announcements
The past week witnessed several noteworthy corporate developments:
- Oando Plc unveiled its Q1 and Q2 2024 financial reports, providing a detailed glimpse into its financial performance.
- Flour Mills of Nigeria Plc (FMN) published its H1 2025 press release.
- Prestige Assurance Plc announced the resignation of its internal auditor.
- NCR (Nigeria) Plc disclosed the resignation and appointment of directors.
- Jaiz Bank Plc confirmed the appointment of a non-executive director.
- Julius Berger Nigeria Plc announced changes to its board of directors, updating its leadership structure.
Outlook
- As the week ended, the Nigerian stock market showed signs of a potential rebound, fueled by bullish price action on Thursday and Friday. This upward momentum may spill over into the coming weeks, particularly if large-cap stocks continue their positive trajectory.
- Stocks with favorable Q3 results that are emerging from consolidation phases could play a pivotal role in driving a sustained recovery.