Nigerian Stock Market Nears 100,000 Points As Bullish Trend Continues

The Nigerian stock market continues its upward momentum, with the All-Share Index (ASI) gaining 1.41% last week to close at 99,448.91 points, edging closer to the 100,000-point threshold. This positive movement reflects strong performances in key sectors, especially financial services and oil and gas.

Market capitalization rose 1.41% to N60.261 trillion from N59.425 trillion, fueled by notable gains in stocks like EUNISELL Interlinked (20.69%), United Bank for Africa (18.50%), and Unilever Nigeria (18.42%). Other significant performers included Abbey Mortgage Bank, Oando, and Coronation Insurance.

In sector performance, the Financial Services Industry dominated trading, accounting for 54.91% of total volume and 27.62% of value, with 1.176 billion shares valued at N23.739 billion in 19,570 deals. The Consumer Goods Industry and Oil and Gas Industry followed, with 366.923 million shares and 228.439 million shares traded, respectively.

The top traded stocks by volume—United Bank for Africa, Champion Breweries, and Japaul Gold—contributed significantly to overall trading, representing 38.7% of the volume and 14.33% of value traded.

Weekly Market Highlights:

• A total of 2.142 billion shares were traded, marking a 48.03% increase from the previous week.
• The NGX Growth Index surged 5.59%, reflecting strong interest in growth stocks.
• The NGX Oil & Gas Index climbed 3.95%, driven by gains in Oando.
• The NGX Banking Index rose 7.86%, with UBA leading the sector’s rally.
• The NGX Pension and Insurance Indexes also saw gains, while the NGX Industrial Goods Index posted a modest rise of 0.10%.

Top Gainers and Losers:

Gainers:

• EUNISELL Interlinked: +20.69%
• UBA: +18.50%
• Unilever Nigeria: +18.42%
• Other notable gainers included Abbey Mortgage Bank, Oando, and Coronation Insurance.

Losers:

• Dangote Sugar: -10.13%
• John Holt: -9.84%
• Secure Electronic Technology: -9.68%
• Additional declines were seen in Regency Assurance, International Breweries, and MTN Nigeria.

Corporate Announcements:
Several companies, including Airtel Africa, Unilever Nigeria, Dangote Cement, and Guinness Nigeria, released financial results for Q3 2024, which are expected to influence investor sentiment.

Market Outlook:
Investors are likely to maintain a cautious yet optimistic approach as the market awaits updates on Oando Plc’s trading status and reviews more Q3 reports. If current momentum continues, the All-Share Index could soon surpass the 100,000-point milestone.