November 25, 2024/CSL Research
The domestic equities market closed last week in positive territory, supported by gains in three of the five trading sessions. The NGX All-Share Index advanced by 11bps w/w to 97,829.02 points, lifting the year-to-date (YTD) return to +30.83% from +30.69% the previous week.
Key drivers of the market’s performance included robust gains in WAPCO (+28.57% w/w), DANGSUGAR (+16.67% w/w), and MTNN (+1.18% w/w), which outweighed selloffs in Tier-1 banking stocks such as FBNH (-7.97% w/w), ACCESSCORP (-7.47% w/w), and GTCO (-2.50% w/w).
Sector performances were predominantly positive, with indices for Insurance (NGXINS: +4.54% w/w), Consumer Goods (NGXCNSMRGDS: +1.93% w/w), Industrial Goods (NGXINDUSTR: +1.75% w/w), and Oil & Gas (NGXOILGAS: +0.18% w/w) posting gains. The Banking index (NGXBNK: -2.57% w/w) was the sole laggard. Also, WAPCO topped the value chart, while JAPAULGOLD led by trading volume.
In corporate developments, Haldane McCall Plc debuted on the Main Board of the Nigerian Exchange Limited (NGX) with the listing of 3.12bn ordinary shares at 50 kobo each, priced at ₦3.84 per share. Following its listing, the stock gained 32.81% w/w as investors showed keen interest in the real estate company.
Looking ahead, we anticipate mixed-to-bearish sentiments this week in the equities space, as most institutional investors await the outcome of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN), which is expected to provide further clarity on the direction of yields in the fixed income market; a financial market that inversely correlated to the equities market.
