Weekly market report: All-Share Index leaped 0.48% despite three days dip in the week  

The Nigerian stock market recorded gains this week, with the All-Share Index rising by 0.48% to close the second week in October in the green, driven by momentum in the consumer goods and the oil & gas sectors.

ASI grew by 463.65 points, closing at 98,070.28, up from 97,606.63 points the week before it.

This growth was driven by strong price action in stocks like TRANSCORP POWER PLC, MECURE INDUSTRIES PLC, plus the consumer goods sector which grew by 1.42%.

A total of 33 equities appreciated in value this week, higher than 29 in the prior week. Meanwhile, 43 equities declined, lower than the 52 seen the previous week.

Market Performance 

Market volume dipped by 51.21%, with 1.44 billion shares traded in t+

he week compared to 2.96 billion in the week before week bolstered by the financial services industry.

The market opened in the green on Monday and Tuesday ended in green as well, the rest of the days in the week – Wednesday, Thursday and Friday – closed in the red.

A bullish run in the Consumer Goods sector and Oil & Gas sector, which includes large-cap stocks, were a key driver.

Other Highlights 

• The NGX Growth Index gained 12.66% in the second week of October.

• NGX Main Board Index and NGX 30 also grew by 0.75% and 0.06%, respectively, reflecting the broader market’s upward trend in the first two days outweighing the remaining three days’ downward trend.

• Meanwhile, the NGX Consumer Goods Index outperformed, gaining 1.42%, and played a significant role in upswinging the overall market performance along with the NGX Oil/Gas Index.

• The NGX Oil & Gas (1.08%), NGX Pension, (0.62) and, NGX Industrial Goods (0.04%) indices also ended the week in green.

Top Gainers  

TRANSCORP POWER PLC took the lead of the top gainers, boosted by 19.29%. Followed by MECURE INDUSTRIES PLC with a 18.81% increase, and DANGOTE SUGAR REFINERY PLC occupied the third place with 13.06% increase.

Other notable gainers include: 

• OANDO PLC: up 10.00%, closing at N77.00

• GOLDEN GUINEA BREW. PLC: up 10.00%, closing at N3.74

• CHAMPION BREW. PLC: up 9.97%, closing at N3.42

• THE INITIATES PLC: up 9.74%, closing at N2.14

• UNIVERSITY PRESS PLC: up 9.41%, closing at N2.79

• ETERNA PLC: up 8.10%, closing at N26.70

• CONSOLIDATED HALLMARK HOLDINGS PLC: up 7.91%, closing at N1.50

Top Losers  

REGENCY ASSURANCE PLC led the losers’ table, dipped by 15.28%. TRIPPLE GEE AND COMPANY PLC followed closely dropping by 14.93 and ARADEL HOLDINGS PLC also declined by 11.00%.

Other significant losers include:

• CAVERTON OFFSHORE SUPPORT GRP PLC: down 9.23%, closing at N2.36

• VITAFOAM NIG PLC: down 9.09%, closing at N20.00

• ASSOCIATED BUS COMPANY PLC: down 9.09%, closing at N1.20

• CUSTODIAN INVESTMENT PLC: down 8.98%, closing at N11.65

• INTERNATIONAL ENERGY INSURANCE PLC: down 7.64%, closing at N1.45

• R T BRISCOE PLC: down 7.55%, closing at N3.06

• OKOMU OIL PALM PLC: down 6.86%, closing at N338.10

Corporate Announcements 

The week saw several key corporate developments:

• Aradel Holdings Plc’s got listed with 4,344,844,360 Ordinary Shares of 50k each at N702.69 per share on the main board

• UNITED CAPITAL PLC PLC, TRANSCORP POWER PLC, CHAMPION BREW. PLC, NIGERIA INFRASTRUCTURE DEBT FUND, released its Q3 2024 financial statement.

• AIRTEL AFRICA PLC announced the notification of transaction in its own shares

•  NEWGOLD EXCHANGE TRADED FUND (ETF) released its FY 2024 unaudited financial statement for the period ended 30 September 2024.

• GEREGU POWER PLC, LASACO ASSURANCE PLC, MCNICHOLS CONSOLIDATED PLC, JAPAUL GOLD AND VENTURES PLC, NEIMETH INTERNATIONAL PHARMACEUTICALS PLC announced their upcoming board meeting.

Outlook: The market is expected to continue its mixed sentiment in the coming weeks, from investors reallocating their portfolio to take advantage of the market as Q3 financial statements are released.

Given the rising momentum in the consumer goods and oil & gas sector, the market could cross the 100,000-point level.