The Nigerian stock market, tracked by the All-Fragment Index, concluded the trading week ending January 17, 2025, with a distinguished downturn, amid losses within the industrial items and insurance sectors.
All-Fragment shed 3,097.38 aspects, closing at 102,353.68, marking a 2.94% decline from the old week’s end of 105,451.06, thereby interrupting a six-week lag of positive aspects.
Market project moreover confirmed a essential decline, as weekly trading quantity fell by 38% to 2.2 billion shares, when in contrast to 3.6 billion shares within the prior week.
Moreover, market capitalization retreated to N62.8 trillion, down from N64.3 trillion the old week.
In phrases of market breadth, thirty-three (33) equities recorded value increases, a decrease from fifty-one (51) equities the prior week.
Conversely, fifty-seven (57) equities seen value declines, which is an enlarge from thirty-nine (39) within the old week.
Market performance
The Nigerian stock market confronted a distinguished decline over the last week, with market capitalization falling sharply from N64.3 trillion to N62.8 trillion.
The All-Fragment Index began the week on a downward pattern, with losses intensifying on Tuesday and Wednesday, culminating in a decline to the 102,000 zone.
On the opposite hand, in spite of small positive aspects on Thursday and Friday, the index within the waste ended the week decrease.
Key highlights of the week
- The NGX Top class Index plunged by 7.05%, basically pushed down by a 16% drop in DANGCEM. Further declines of under 3% in MTN, FBNH, and ACCESSCORP compounded the losses.
- The NGX 30 Index fell by 3.11%, reflecting frequent unfavorable sentiment, while the NGX Main Board Index decreased by 0.75%.
Sectoral performance
- NGX Industrial Items Index took a success, crashing by 8.20%, with DANGCEM main the decline at 16%, adopted by BETAGLASS down 5%, and CUTIX at 1.9%.
- The NGX Insurance coverage Index fell by 6.23%, impacted by essential drops of over 15% in four insurance stocks.
- NGX Oil and Gasoline Index and NGX Banking Index experienced declines of 0.75% and zero.46%, respectively.
- On a particular expose, the NGX Consumer Items Index rose by 1.33%, supported by a 16.7% enlarge in DANGSUGAR and a 7.6% mark in GUINNESS.
Prime gainers
Main the pack of gainers, NEIMETH INTERNATIONAL PHARMACEUTICALS PLC surged by 31.42%, adopted by SCOA NIG. PLC., which rose by 20.39%. Other distinguished gainers incorporated:
- N NIG. FLOUR MILLS PLC.: up 19.54% to N54.Forty five
- LIVESTOCK FEEDS PLC.: up 17.62% to N5.94
- DANGOTE SUGAR REFINERY PLC: up 16.67% to N38.50
- NASCON ALLIED INDUSTRIES PLC: up 15.85% to N37.65
- CAP PLC: up 15.79% to N44.00
- OANDO PLC: up 14.88% to N71.80
- UNIVERSITY PRESS PLC.: up 13.forty eight% to N5.05
- UACN PLC: up 12.50% to N36.00
Prime losers
On the losing side, UNIVERSAL INSURANCE PLC. led the decline, falling by 19.23%, adopted by ROYAL EXCHANGE PLC. and REGENCY ASSURANCE PLC, which fell by 18.35% and 17.78%, respectively. Other essential decliners incorporated:
- SOVEREIGN TRUST INSURANCE PLC: down 16.67% to N1.10
- DANGOTE CEMENT PLC: down 16.46% to N400.00
- DAAR COMMUNICATIONS PLC: down 15.91% to N0.74
- CORNERSTONE INSURANCE PLC: down 15.91% to N2.22
- LEARN AFRICA PLC: down 13.82% to N4.99
- ASSOCIATED BUS COMPANY PLC: down 13.01% to N1.07
- TANTALIZERS PLC: down 12.69% to N2.27
Company bulletins
Loads of company bulletins made waves this week:
- Airtel Africa PLC notified a transaction in its occupy shares.
- Custodian Funding PLC appointed a contemporary Chief Running Officer.
- Eterna PLC offered the resignation and appointment of a contemporary Managing Director/CEO.
- Universal Insurance coverage PLC appointed a contemporary Managing Director/Chief Executive Officer.
- MTN Nigeria Communications PLC raised N42.20 billion thru a industrial paper issuance.
- John Holt PLC launched its audited financial assertion for the period ended September 30, 2024.
Market outlook
- After six weeks of consecutive positive aspects, the index is within the imply time experiencing a retracement, shedding from the 105,000 level to spherical 102,000. Without reference to this pullback, the index remains on a long-term upward pattern.
- Sure reactions are anticipated from the drawing near Q4 earnings experiences for good and mid-cap stocks, anguish to be launched in unhurried January and early February. This would perhaps supply the momentum wanted for the index to subject the 105,000-barrier as soon as extra.
Izuchukwu Okoye
Okoye Izuchukwu is a financial market writer and dealer with intensive expertise in each Nigerian and international markets. With a alive to peek for market trends and a fondness for insightful prognosis, he translates complex financial ideas into collaborating whisper. By combining shimmering trading expertise with thorough be taught, Okoye affords precious views that empower readers to salvage advised decisions within the ever-evolving world of finance.
