November 11, 2024/CSL Research
The Nigerian equities market began the prior week on a cautious note, with early losses in ARADEL pulling the NGX All-Share Index down by 20bps w/w to close at 97,236.19 points, despite gains in three of the five trading sessions. This modest decline pushed the year-to-date (YTD) return slightly lower, from +30.30% to +30.04%.
Notably, selloffs in OANDO (-21.97% w/w), MTNN (-3.43% w/w), GTCO (-3.07% w/w), and TRANSCORP (-4.04% w/w) overshadowed gains in CONOIL (+37.35% w/w), ACCESSCORP (+11.54% w/w), and UBA (+6.90% w/w), contributing to the week’s overall downturn.
Sector performances were mostly positive, with the Oil & Gas – NGXOILGAS (+5.43% w/w), Banking – NGXBNK (+2.81% w/w), Insurance – NGXINS (+0.11% w/w), and Consumer Goods – NGXCNSMRGDS (+0.02% w/w) indices all recording gains. The Industrial Goods sector – NGXINDUSTR (-0.02% w/w) was the sole laggard. UBA led in trading volume and value for the week.
In corporate updates, FLOURMILLS Plc. announced an impressive 76.0% y/y revenue growth in its H1’25 results, reaching ₦1,697.48 billion from ₦964.65 billion in H1’24. Profit before tax (PBT) rose to ₦19.75bn in H1’25, up from a loss of ₦8.14bn in H1’24, while profit after tax (PAT) jumped to ₦14.42bn, a 272.0% y/y increase from an H1’24 loss of ₦8.38bn. Additionally, FLOURMILLS’ majority shareholder, Excelsior Shipping Company Limited, has proposed a buyout of all minority shareholder interests via a Scheme of Arrangement. This move may result in FLOURMILLS’ delisting from the NGX pending approval at a court-ordered meeting which will hold on 14 November 2024.
Looking ahead, we expect mixed trading sentiment to continue as investors respond to these corporate developments and broader market dynamics.
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