The Nigerian stock market recorded strong gains last week, with the All-Share Index (ASI) climbing 1.41%, closing the week in positive territory.

The NGX All-Share Index added 1,378.63 points, reaching 99,448.91 points from last week’s 98,070.28 points.

This performance was largely fueled by notable gains in the financial services and oil and gas sectors.

Market capitalization also increased by 1.41% to N60.261 trillion from N59.425 trillion, driven by impressive gains in stocks like EUNISELL INTERLINKED PLC (20.69%), UNITED BANK FOR AFRICA PLC (18.50%) and UNILEVER NIGERIA PLC (18.42%). Other strong performers include ABBEY MORTGAGE BANK (16.91%), OANDO PLC (16.43%) and CORONATION INSURANCE PLC (15.85%).

When it comes to industry performance, the financial services industry leads the list of businesses by volume, contributing 54.91% of the total volume traded and 27.62% of the value. The sector traded 1.176 billion shares worth N23.739 billion traded in 19,570 transactions.

The consumer goods industry followed with 366.923 million shares worth N4.672 billion spread across 4,004 deals. The oil and gas industry ranked third, with 228.439 million shares totaling N52.635 billion in 7,547 deals.

Trading in the top three stocks by volume (United Bank for Africa Plc, Champion Breweries Plc and Japaul Gold and Ventures Plc) accounted for 828.822 million shares worth N12.319 billion spread across 5,080 trades, contributing of 38.70% and 14.33% to the total volume traded. and value, respectively.

A total of fifty-eight (58) stocks increased in value during the week, compared to 33 the previous week, while 18 stocks declined, down from 43 the previous week. Additionally, 76 stocks remained unchanged.

Market performance

The week saw a sharp rise in market volume, with 2.142 billion shares traded compared to 1.447 billion the previous week, an increase of 48.03%, largely driven by the financial services sector.

Bullish gains in the financial services, consumer goods industry and oil & gas sectors, particularly among large-cap stocks, boosted market performance.

Other highlights

• The NGX Growth Index gained 5.59%, reflecting increased interest in growth-oriented stocks.
• The NGX Main Board Index and NGX 30 Index increased by 0.70% and 1.47%,
• The NGX Oil & Gas index rose 3.95%, driven by the rise in Oando.
• The NGX pension index rose 3.73%, reflecting continued inflows into pension-related stocks.
• The NGX Industrial Goods Index posted a marginal gain of 0.10%, indicating stability in the sector.
• The NGX banking index rose 7.86%, with UBA leading the sector’s performance.
• The NGX Insurance Index gained 2.11%, signaling a recovery in insurance stocks.

Top winners

EUNISELL Interlinked Plc leads the gainers with a remarkable increase of 20.69%. UBA PLC followed closely, gaining 18.50%, while UNILEVER NIGERIA Plc ranked third with a rise of 18.42%.

Other notable winners include:

• ABBEY MORTGAGE BANK PLC: up 16.91%, closing at N3.25
• OANDO PLC: up 16.43%, closing at N89.65
• CORONATION INSURANCE PLC: up 15.85%, closing at N0.95
• IKEJA HOTEL: up 15.00%, closing at N8.05
• ASSOCIED BUS COMPANY PLC: up 12.50%, closing at N1.35
• LASACO ASSURANCE PLC: up 11.28%, closing at N2.86
• UPDC PLC: up 10.81%, closing at N1.64

Best losers

DANGOTE SUGAR REFINERY PLC led the losers, down 10.13%. JOHN HOLT PLC followed closely with a decline of 9.84%, and SECURE ELECTRONIC TECHNOLOGY PLC recorded a decline of 9.68%.

Other significant losers include:

• REGENCY ASSURANCE PLC: down 8.20%, closing at N0.56
• INTERNATIONAL BREWERIES PLC: down 6.24%, closing at N4.06
• ARADEL HOLDINGS PLC: down 4.05%, closing at N600.10
• C & I LEASING PLC: down 3.96%, closing at N3.64
• CUTIX PLC: down 3.85%, closing at N2.50
• FTN COCOA PROCESSORS PLC: down 3.74%, closing at N1.80
• MTN NIGERIA COMMUNICATIONS PLC: down 3.66%, closing at N184.00

Business Announcements

• AIRTEL AFRICA PLC publishes its half-year results ending September 30, 2024

• UNILEVER NIGERIA PLC has released its third quarter 2024 financial statements

• DANGOTE CEMENT publishes its results for the nine months of 2024

• CAP PLC, NCR PLC, ABBEYBDS PLC, STANBIC PLC, AUSTINLAZ, JAPAUlGOLD PLC and NPFMCRFBK PLC have reported their third quarter 2024 results.

• GUINESS NIG. PLC announced the results of its annual general meeting

• FCMB and BUA CEMENT PLC publish their board results

Outlook

• The market is expected to remain cautiously optimistic as investors closely monitor updates on Oando Plc’s suspension.

• Additionally, as third quarter financial reports are released, the performance of key sectors such as financial services and oil and gas will shape investor sentiment.

• If large-cap stocks maintain their momentum, the All-Share Index could soon cross the 100,000 point mark.

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