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

The Nigerian inventory market concluded a noteworthy buying and selling week on December 20, 2024, with the All-Part Index (ASI) surging by 1,751.03 capabilities to cease at 101,129.09.

This 1.76% rise broke by the most critical psychological ranges of 100,000 and 101,000, signaling the market’s a lot resilience and solid investor self belief.

Despite the bullish growth, buying and selling quantity seen a 7.2% decline, with 2.5 billion shares traded when in comparison with 2.7 billion shares in the previous week.

Market breadth remained tough, with 61 stocks recording price gains, up from 51 in the prior week, while 26 equities skilled declines—a critical growth from the 35 losers recorded the previous week.

Market performance

The Nigerian inventory market maintained a largely bullish trajectory correct by the week, with market capitalization crossing the N61 trillion model to cease at N61.3 trillion.

The All-Part Index (ASI) kicked off strongly on Monday, sustaining a go of gains by Thursday, which seen the week’s greatest rally. Despite a shrimp pullback on Friday, the market capitalization held firm above N61 trillion, underscoring investor self belief.

Key highlights of the week integrated: 

• NGX Top price Index edged up by 0.20%, bolstered by gains in heavyweights ZENITH BANK, FBN HOLDINGS, and UBA, alongside a 0.54% rise in the NGX 30 Index.
• NGX Main Board Index led the sub-indices with an outstanding 2.58% discover, reflecting nice-based thoroughly mostly momentum.

Sectorial performance:

• The NGX Insurance protection Index outperformed with an 8.83% lengthen, driven by over 20% gains in CORONATION INSURANCE and SUNU ASSURANCES.
• The NGX Banking Index climbed 3.23%, supported by solid performances from JAIZ BANK, ZENITH BANK.
• The NGX Consumer Items Index developed 2.92%, fueled by a a lot 30% surge in HONEYWELL FLOUR MILLS.
• The NGX Oil and Gas Index posted a modest 0.Ninety 9% discover.
• While the NGX Industrial Index declined 0.86%, standing out because the most sensible sector to cease the week in the red.

Overall, the week’s performance reflected sustained investor curiosity across key sectors, with critical gains in banking, insurance protection, and person items stocks propelling the market forward.

High gainers

Main the pack of gainers, MRS OIL NIGERIA PLC surged by 36.36%, adopted by ETERNA PLC, which rose by 32.36%. Other critical 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 9% 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

High losers

On the shedding side, 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 vital 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 announcements  

Quite so a lot of corporate announcements made waves this week:

• Transcorp Inns Plc announced a sleek CEO.
• Oando Plc launched its Q3 2024 financial assertion.
• MTN Nigeria Communications Plc launched a notification concerning board changes.
• Aradel Holdings Plc obtained ministerial consent for the acquisition of SPDC Restricted.
• Seplat Energy Plc launched a notification of share dealings by PDMR, Mr. Udoma Udo Udoma.
• PZ Cussons Nigeria Plc launched its Q2 2025 financial assertion.

Outlook 

• The All-Part Index broke by the 100,000 and 101,000 barriers, getting greater strongly from its August dip advance the 96,000 level.
• This rebound used to be driven by upward momentum in colossal and mid-cap stocks that had been consolidating in previous months.
• Having a survey forward, the index could well well also face a retracement because the market anticipates fourth-quarter results from NGX-listed companies, especially if patrons note it as overbought.