The Nigerian Stock Market closed the trading week on November 22, 2024, with a modest gain, as the All-Share Index (ASI) rose by 106.74 points to close at 97,829.02, reflecting a 0.11% increase from the previous week’s 97,722.28. The market saw a significant boost in trading activity, with 1.9 billion shares exchanged, marking a 31.73% increase in volume compared to the prior week.
The market’s breadth was generally positive, with 42 equities gaining, up from 39 the previous week. The number of decliners dropped notably to 24 from 46 the previous week. The ASI experienced a mix of positive and negative movements throughout the week, with gains seen in several sectors, particularly in insurance and consumer goods.
Sector Performance
The NGX Premium Index saw a 0.23% gain, while the NGX 30 and NGX Main Board Index recorded modest increases of 0.05% and 0.03%, respectively. The NGX Insurance Index surged by 4.11%, driven by double-digit gains in Guinea Insurance, Sunu Insurance, and Mansard. Similarly, the NGX Consumer Index climbed by 2.20%, boosted by significant rallies in Cadbury and Unilever. Other sectors, such as the NGX Industrial Index and NGX Oil & Gas Index, also posted gains of 1.08% and 0.25%, respectively.
However, the NGX Banking Index fell by 2.00%, mainly due to losses in FBN Holdings, Sterling Bank, and Stanbic IBTC.
Top Gainers and Losers
JOHN HOLT PLC led the gainers, up 42.49%, followed by LAFARGE AFRICA, which gained 28.57%. Other notable gainers included Cadbury Nigeria (+22.41%), Guinea Insurance (+22.22%), and Unilever Nigeria (+20.82%).
On the downside, MULTIVERSE saw the largest decline, down 17.61%, followed by PZ Cussons Nigeria (-11.62%) and University Press (-11.62%). Other significant losers included FBN Holdings (-7.97%), Sterling Bank (-5.61%), and Stanbic IBTC (-5.09%).
Corporate Announcements
Key corporate announcements included Champion Breweries PLC’s notice for an Extraordinary General Meeting, ASO Savings and Loans PLC’s unaudited financial results for 2023, and Cutix PLC’s cancellation of its previously scheduled General Meeting. Conoil PLC also shared resolutions passed at its 54th Annual General Meeting.
Outlook
Despite a decline in the banking sector pulling the ASI below the 98,000 mark, the market closed slightly in the positive. A recovery in the banking sector, particularly with Tier 1 banks, combined with sustained positive momentum in other sectors, could potentially drive the index higher in the coming sessions.
