ASI nears 100,000-point milestone as the stock market closed week bullish

The Nigerian stock market posted strong gains last week, with the All-Share Index (ASI) climbing 1.41%, closing the week in positive territory.

The NGX All-Share Index added 1,378.63 points, reaching 99,448.91 points compared to last week’s 98,070.28 points.

This performance was largely fueled by notable gains in the financial services and oil & gas sectors.

Market capitalization also rose by 1.41% to N60.261 trillion, up from N59.425 trillion, driven by impressive gains in stocks like EUNISELL INTERLINKED PLC (20.69%), UNITED BANK FOR AFRICA PLC (18.50%), and UNILEVER NIGERIA PLC (18.42%). Other strong performers included ABBEY MORTGAGE BANK (16.91%), OANDO PLC (16.43%), and CORONATION INSURANCE PLC (15.85%).

For industry performance, the Financial Services Industry led the activity list by volume, contributing 54.91% of the total volume traded and 27.62% of value, the industry traded 1.176 billion shares worth N23.739 billion traded in 19,570 deals.

The Consumer Goods Industry followed with 366.923 million shares worth N4.672 billion across 4,004 deals. The Oil and Gas Industry ranked third, with 228.439 million shares totaling N52.635 billion in 7,547 deals.

Trading in the top three equities by volume—United Bank for Africa Plc, Champion Breweries Plc, and Japaul Gold and Ventures Plc—made up 828.822 million shares worth N12.319 billion across 5,080 deals, contributing 38.70% and 14.33% to total traded volume and value, respectively.

In total, fifty-eight (58) equities appreciated in value the week, up from 33 the prior week, while 18 equities declined, a drop from 43 in the previous week. Additionally, 76 equities remained unchanged.

Market Performance 

The week saw a surge in market volume, with 2.142 billion shares traded compared to 1.447 billion the previous week, marking a 48.03% increase, largely fueled by the Financial Services sector.

Bullish gains in the Financial Services, Consumer Goods Industry and Oil & Gas sectors, particularly among large-cap stocks, boosted the market’s performance.

Other Highlights 

• The NGX Growth Index gained 5.59%, reflecting increased interest in growth-oriented stocks.
• The NGX Main Board Index and NGX 30 Index grew by 0.70% and 1.47%,
• The NGX Oil & Gas Index rose by 3.95%, driven by Oando’s surge.
• The NGX Pension Index advanced by 3.73%, reflecting steady inflows into pension-linked equities.
• The NGX Industrial Goods Index posted a marginal gain of 0.10%, indicating stability in the sector.
• The NGX Banking Index rose by 7.86%, with UBA leading the sector’s performance.
• The NGX Insurance Index gained 2.11%, signaling a recovery in insurance equities.

Top Gainers 

EUNISELL Interlinked Plc led the top gainers with a remarkable 20.69% increase. UBA PLC followed closely, gaining 18.50%, while UNILEVER NIGERIA Plc ranked third with an 18.42% rise.

Other notable gainers included: 

• ABBEY MORTGAGE BANK PLC: up 16.91%, closing at N3.25
• OANDO PLC: up 16.43%, closing at N89.65
• CORONATION INSURANCE PLC: up 15.85%, closing at N0.95
• IKEJA HOTEL: up 15.00%, closing at N8.05
• ASSOCIATED BUS COMPANY PLC: up 12.50%, closing at N1.35
• LASACO ASSURANCE PLC: up 11.28%, closing at N2.86
• UPDC PLC: up 10.81%, closing at N1.64

Top Losers 

DANGOTE SUGAR REFINERY PLC led the losers, dipping by 10.13%. JOHN HOLT PLC followed closely with a 9.84% decline, and SECURE ELECTRONIC TECHNOLOGY PLC recorded a 9.68% drop.

Other significant losers include: 

• REGENCY ASSURANCE PLC: down 8.20%, closing at N0.56
• INTERNATIONAL BREWERIES PLC: down 6.24%, closing at N4.06
• ARADEL HOLDINGS PLC: down 4.05%, closing at N600.10
• C & I LEASING PLC: down 3.96%, closing at N3.64
• CUTIX PLC: down 3.85%, closing at N2.50
• FTN COCOA PROCESSORS PLC: down 3.74%, closing at N1.80
• MTN NIGERIA COMMUNICATIONS PLC: down 3.66%, closing at N184.00

Corporate Announcements 

• AIRTEL AFRICA PLC released results for half year ended 30 Sept., 2024

• UNILEVER NIGERIA PLC released its Q3 financial statement for 2024

• DANGOTE CEMENT released its nine-month 2024 earnings

• CAP PLC, NCR PLC, ABBEYBDS PLC, STANBIC PLC, AUSTINLAZ, JAPAUlGOLD PLC, and NPFMCRFBK PLC released their Q3 2024 earnings

• GUINESS NIG. PLC announced the outcomes of annual general meeting

• FCMB, BUA CEMENT PLC published outcome of their board meetings

Outlook   

• The market is likely to remain cautiously optimistic, with investors watching closely for updates on Oando Plc’s suspension.

• Also, as Q3 financial reports roll out, the performance of key sectors like financial services and oil & gas will shape investors’ sentiment.

• If large-cap stocks maintain momentum, the All-Share Index could soon cross the 100,000-point mark.