Weekly Market Report: Nigerian stock market posts 0.09% gain as trading volume jumps 18% 

The Nigerian stock market wrapped up the trading week ending October 11, 2024, on a positive note, gaining 86.09 points to close at 97,606.63.

This marks a modest 0.09% increase compared to the previous week’s close of 97,520.54.

Weekly market volume surged to 1.9 billion shares, an 18% rise from the 1.6 billion shares traded the week before.

However, the number of appreciating equities dropped to 29 from 45 in the previous week, while 52 equities saw price declines, up from 33 the week before.

Market Performance Highlights 

Market activity picked up, with trading volume climbing by 18% to 1.9 billion shares from 1.6 billion.

Despite starting the week on a positive note with gains on Monday, the index experienced consecutive losses from Tuesday to Thursday. However, a strong recovery on Friday helped offset most of these declines.

• The NGX Premium Index gained 0.75% over the week, though individual stocks within the index showed mixed results. Meanwhile, the NGX 30 and NGX Main Board Index recorded gains of 0.61% and a slight dip of 0.28%, respectively.

• NGX Oil and Gas Index led sectoral performance with a 1.57% rise, driven by a weekly 5% increase in SEPLAT shares.

• Additionally, the NGX Banking and NGX Insurance indices posted gains of 0.47% and 0.08%, while the Consumer Goods and Industrial Goods indices faced slight declines of 1.25% and 0.13%.

Top Gainers 

MECURE INDUSTRIES PLC topped the list of gainers, surging by 19.53%, followed by UNIVERSITY PRESS PLC with a 17.51% increase. LASACO ASSURANCE PLC saw a rise of 17.39%.

Other notable gainers include:  

• FIDELITY BANK PLC: up 13.08% (N14.70)

• P Z CUSSONS NIGERIA PLC: up 11.61% (N19.70)

• Julius Berger NIG. PLC: up 9.33% (N164.00)

• ROYAL EXCHANGE PLC: up 8.96% (N0.73)

• GOLDEN GUINEA BREW. PLC: up 7.94% (N3.40)

• RED STAR EXPRESS PLC: up 7.89% (N4.10)

• ASSOCIATED BUS COMPANY PLC: up 7.32% (N1.32)

Top Losers

Tripple GEE AND COMPANY PLC led the losers, plunging by 59.56%. DAAR COMMUNICATIONS PLC and AFRICA PRUDENTIAL PLC followed with declines of 25.00% and 13.15%, respectively.

Other significant losers include: 

• REGENCY ASSURANCE PLC: down 12.20% (N0.72)

• TANTALIZERS PLC: down 10.45% (N0.60)

• UPDC PLC: down 10.12% (N1.51)

• S C O A NIG. PLC: down 10.00% (N1.71)

• BERGER PAINTS PLC: down 9.95% (N19.00)

• NEM INSURANCE PLC: down 9.71% (N7.90)

• ETERNA PLC: down 8.52% (N24.70)

Corporate Announcements 

Several notable corporate developments took place during the week:

• Access Holdings PLC obtained approval-in-principle for Access Bank PLC to establish a banking subsidiary in Namibia.

• Presco PLC announced the resignation of some of its directors.

• Conoil PLC declared a dividend announcement.

• Ecobank Transnational Incorporated released a pricing announcement for its ETI Eurobond.

• Geregu Power PLC published its Q3 2024 financial statement.

Outlook 

The All-Share Index is expected to maintain its correction trajectory, following a notable dip to 96,580 in August. Currently on a steady weekly bullish trend, the ASI shows potential to push beyond the 99,000-index point, as improving market sentiment begins to favor large-cap stocks.

Growing investor confidence and positive momentum in key sectors are likely to drive this upward movement in the near term.