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Weekly Market Wrap: Nigerian inventory market soars 1.76% as All-Piece surpasses N61 trillion, MRS Oil and ETERNA PLC lead gains

Nigerian Inventory Alternate

The Nigerian inventory market concluded an noteworthy trading week on December 20, 2024, with the All-Piece Index (ASI) surging by 1,751.03 capabilities to shut at 101,129.09.

This 1.76% rise broke through the key psychological stages of 100,000 and 101,000, signaling the market’s noteworthy resilience and sturdy investor self assurance.

Despite the bullish pattern, trading volume noticed a 7.2% decline, with 2.5 billion shares traded in comparison with 2.7 billion shares within the old week.

Market breadth remained robust, with 61 shares recording mark gains, up from 51 within the prior week, while 26 equities skilled declines—a famous improvement from the 35 losers recorded the old week.

Market performance

The Nigerian inventory market maintained a largely bullish trajectory at some level of the week, with market capitalization crossing the N61 trillion impress to shut at N61.3 trillion.

The All-Piece Index (ASI) kicked off strongly on Monday, sustaining a traipse of gains through Thursday, which noticed the week’s excellent rally. Despite a miniature pullback on Friday, the market capitalization held company above N61 trillion, underscoring investor self assurance.

Key highlights of the week integrated: 

  • NGX Top fee Index edged up by 0.20%, bolstered by gains in heavyweights ZENITH BANK, FBN HOLDINGS, and UBA, alongside a 0.54% rise within the NGX 30 Index.
  • NGX Most foremost Board Index led the sub-indices with an spectacular 2.58% kill, reflecting substantial-primarily based totally momentum.

Sectorial performance:

  • The NGX Insurance Index outperformed with an 8.83% develop, pushed by over 20% gains in CORONATION INSURANCE and SUNU ASSURANCES.
  • The NGX Banking Index climbed 3.23%, supported by sturdy performances from JAIZ BANK, ZENITH BANK.
  • The NGX Person Items Index evolved 2.92%, fueled by a noteworthy 30% surge in HONEYWELL FLOUR MILLS.
  • The NGX Oil and Gas Index posted a modest 0.ninety nine% kill.
  • Whereas the NGX Industrial Index declined 0.86%, standing out because the handiest sector to shut the week within the red.

General, the week’s performance reflected sustained investor curiosity at some level of key sectors, with famous gains in banking, insurance, and client goods shares propelling the market forward.

Prime gainers

Leading the pack of gainers, MRS OIL NIGERIA PLC surged by 36.36%, adopted by ETERNA PLC, which rose by 32.36%. Other famous gainers integrated:

  • HONEYWELL FLOUR MILL PLC: up 31.52% to N6.05
  • LIVESTOCK FEEDS PLC: up 30.16% to N4.10
  • CORONATION INSURANCE PLC: up 26.87% to N1.70
  • U A C N PLC: up 26.30% to N30.25
  • SUNU ASSURANCES NIGERIA PLC: up 22.seventy nine% to N7.49
  • UNIVERSAL INSURANCE PLC: up 22.22% to N0.44
  • ROYAL EXCHANGE PLC: up 21.67% to N0.73
  • NIGERIAN AVIATION HANDLING COMPANY PLC: up 21.64% to N46.10

Prime losers

On the dropping aspect, JOHN HOLT PLC led the decline, plunging by 18.67%, adopted by MULTIVERSE MINING AND EXPLORATION PLC and UNIVERSITY PRESS PLC, which fell by 18.58% and 16.27%. Other foremost decliners integrated:

  • TANTALIZERS PLC: down 13.04% to N1.60
  • P Z CUSSONS NIGERIA PLC: down 8.00% to N23.00
  • DANGOTE SUGAR REFINERY PLC: down 7.14% to N32.50
  • C & I LEASING PLC: down 4.20% to N3.88
  • WEMA BANK PLC: down 3.95% to N8.50
  • HALDANE MCCALL PLC: down 3.85% to N5.00
  • ELLAH LAKES PLC: down 3.83% to N3.01

Corporate bulletins  

Several corporate bulletins made waves this week:

  • Transcorp Accommodations Plc offered a brand modern CEO.
  • Oando Plc released its Q3 2024 financial assertion.
  • MTN Nigeria Communications Plc released a notification regarding board adjustments.
  • Aradel Holdings Plc bought ministerial consent for the acquisition of SPDC Little.
  • Seplat Energy Plc released a notification of portion dealings by PDMR, Mr. Udoma Udo Udoma.
  • PZ Cussons Nigeria Plc released its Q2 2025 financial assertion.

Outlook 

  • The All-Piece Index broke through the 100,000 and 101,000 boundaries, recuperating strongly from its August dip near the 96,000 stage.
  • This rebound became pushed by upward momentum in gigantic and mid-cap shares that had been consolidating in old months.
  • Having a gaze ahead, the index may well face a retracement because the market anticipates fourth-quarter outcomes from NGX-listed companies, seriously if investors look it as overbought.

Izuchukwu Okoye

Izuchukwu Okoye

Okoye Izuchukwu is a financial market author and trader with intensive expertise in both Nigerian and world markets. With a engaging stare for market traits and a ardour for insightful evaluation, he translates complex financial concepts into sharp exclaim material. By combining vivid trading expertise with thorough compare, Okoye presents precious views that empower readers to carry out educated decisions within the ever-evolving world of finance.

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