Weekly Market Wrap: Transnational Corporation tops gainers despite 2.03% decline in All-Share Index, Aradel leads losers 

The Nigerian stock market closed the week of November 1, 2024, with a decline, as the All-Share Index shed 2,016.89 points to settle at 97,432.02.

This marked a 2.03% decline from the previous week’s close of 99,448.91, as bearish sentiment dominated market activity.

However, trading volumes saw a notable increase, reaching 2.7 billion shares, up 26.7% from 2.1 billion shares traded the prior week.

A closer look at market breadth reveals a decline in the number of gainers, with only 39 stocks appreciating, down from 58 in the previous week. Meanwhile, the number of decliners rose significantly to 45, compared to 18 in the prior period.

Market Performance  

Market activity accelerated with the weekly trading volume climbing by 26.7%, reflecting an uptick in investor engagement despite a bearish week overall.

Each trading day closed in negative territory, with Monday and Tuesday accounting for the bulk of the losses. The bearish trend paused briefly midweek before resuming on Thursday and Friday.

• Indices across the board faced downward pressure, with the NGX Premium Index losing 1.11%.

• The NGX 30 and NGX Main Board Index also closed lower, declining by 0.91% and 2.49%, respectively.

• The NGX Oil and Gas Index, however, bucked the trend, rising by 1.15%, largely supported by a 9% rally in Conoil’s share price.

• Conversely, the NGX Industrial Goods Index recorded the steepest sectoral drop, declining by 3.70%.

• The NGX Insurance and Consumer Goods indices also fell, though by smaller margins of 0.40% and 0.22%, respectively.

Top Gainers  

Leading the pack of gainers, Transnational Corporation Plc surged by an impressive 314.03%, followed by Eunisell Interlinked Plc, which rose by 60.57%. Other notable gainers included:

• University Press Plc: up 18.28% to N3.30

• Livestock Feeds Plc: up 12.32% to N3.83

• Nigerian Flour Mills Plc: up 11.76% to N38.00

• Skyway Aviation Handling Company Plc: up 10.00% to N27.50

• Vitafoam Nig Plc: up 10.00% to N22.00

• Sunu Assurances Nigeria Plc: up 10.00% to N2.09

• Conoil Plc: up 9.14% to N189.30

Top Losers   

On the losing side, Aradel Holdings Plc led the decline, plunging by 25.75%, followed by Caverton Offshore Support Group Plc and Ellah Lakes Plc, which fell by 20.00% and 12.59%, respectively.

Other significant decliners included:    

• Regency Assurance Plc: down 12.50% to N0.49

• Royal Exchange Plc: down 11.27% to N0.63

• Veritas Kapital Assurance Plc: down 11.25% to N1.42

• BUA Cement Plc: down 11.09% to N97.80

• Lasaco Assurance Plc: down 10.84% to N2.55

• Guinea Insurance Plc: down 10.00% to N0.45

• Cadbury Nigeria Plc: down 9.89% to N16.40

Corporate Announcements  

Several companies released their Q3 financial statements this week, offering valuable insights into their recent performance. Key announcements included:

• Cadbury Nigeria Plc released its Q3 financial report.

• Transnational Corporation Plc provided its Q3 financial report and shared reconstruction update.

• Guarantee Trust Holding Company Plc announced its Q3 financial report.

• FBN Holdings Plc disclosed its Q3 financial report.

• MRS Oil Nigeria Plc provided its Q3 financial report.

• Zenith Bank Plc shared its Q3 financial report.

• Access Holdings Plc released its Q3 financial report.

• Dangote Sugar Refinery Plc presented its Q3 financial report.

• Fidelity Bank Plc disclosed its Q3 financial report.

• Conoil Plc published its Q3 financial report.

• Julius Berger Nigeria Plc provided its Q3 financial report.

• TotalEnergies Marketing Nigeria Plc released its Q3 financial report.

• Oando Plc announced its Q3 financial report.

Outlook  

Looking forward, the Nigerian stock market may attempt a recovery in the coming week, aiming to regain footing above the 99,000-point threshold.

Positive price action, particularly among large-cap stocks with favorable Q3 results, could provide the needed momentum for a potential rebound.