Weekly market report: ASI rises 0.21%, marking three consecutive weeks of gains 

The Nigerian stock market has closed three consecutive weeks positively, with the All-Share Index (ASI) rising by 0.21%, closing the fourth week of September at 98,458.68, up from 98,247.99 the previous week.

ASI is making an effort to reach the significant 99,000 mark, as positive sentiments persist in the banking sector.

A total of 45 equities recorded price gains this week, surpassing the 41 equities that appreciated the previous week.

Conversely, 33 stocks declined, down from 40 last week, while 73 equities remained unchanged.

Market Performance Highlights 

Market activity saw a significant boost, with trading volume increasing by 21% to 2.57 billion shares compared to 2.12 billion the prior week.

Despite opening lower on Monday, the market managed to retain gains from Tuesday and Wednesday, even though it experienced declines on the last two trading days.

• The NGX Premium Index climbed by 0.59% during the week, even as some stocks within the index showed mixed performance.

• Both the NGX 30 and NGX Main Board Index rose by 0.40% and 0.59%, respectively.

• The NGX Oil and Gas Index outperformed, gaining 3.28%, driven by a 10% increase in SEPLAT.

• Additionally, the NGX Banking and NGX Insurance indices rose by 2.45% and 1.43%, respectively, while the consumer goods and industrial goods indices faced slight declines of 0.15% and 0.04%.

Top Gainers 

ELLA LAKES PLC led the week’s gains, soaring by 59.74%. REGENCY ASSURANCE PLC followed with a 53.33% increase, while FLOUR MILLS NIGERIA PLC rose by 22.89%. Other notable gainers included:

• STERLING FINANCIAL HOLDINGS COMPANY PLC: up 22.19% (N4.90)

• WEMA BANK PLC: up 17.65% (N8.00)

• ASSOCIATED BUS COMPANY PLC: up 16.16% (N1.15)

• PZ CUSSONS NIGERIA PLC: up 19.50% (N12.39)

• DEAP CAPITAL MANAGEMENT & Trust PLC: up 12.12% (N1.11)

• LIVESTOCK FEEDS PLC: up 12.00% (N2.80)
• JAIZ BANK PLC: up 11.16% (N2.49)

Top Losers 

CAVERTON OFFSHORE SUPPORT GROUP PLC topped the decliners, dropping 27.37%. MULTIVERSE MINING AND EXPLORATION PLC and OKOMU OIL PALM PLC also saw significant losses of 19.64% and 13.10%, respectively. Other notable losers included:

• SECURE ELECTRONIC TECHNOLOGY PLC: down 10.45% (N0.60)

• LEARN AFRICA PLC: down 10.22% (N3.25)

• BERGER PAINTS PLC: down 9.83% (N21.10)

• N NIG. FLOUR MILLS PLC.: down 9.50% (N31.90)

• CADILLAC NIGERIA PLC: down 9.39% (N17.85)

• INTERNATIONAL BREWERIES PLC: down 8.86% (N4.01)
• OANDO PLC: down 8.85% (N75.20)

Corporate Announcements 

Several key corporate developments were reported this week, including:

• Access Holdings PLC: Q2 Financial Statement for 2024.

• PZ Cussons Nigeria PLC: Q1 Financial Statement for 2025.

• BUA Foods PLC: Expansion of pasta production capacity.

• Flour Mills of Nigeria PLC: Proposed acquisition of minority shares by Excelsior Shipping Company Limited.

• Stanbic IBTC Holdings PLC: Appointment of new Board Chairman.

• Julius Berger Nigeria PLC: Board changes.

Outlook 

Looking ahead, the index is poised to attempt a breakout above the 99,000-mark as it continues its recovery from a dip to 96,580 points in August.

As market volume and positive momentum persist, particularly in the banking and oil and gas sectors, further upward corrections are expected in the coming weeks.