December 2, 2024/CSL Research
Equities Market Preview & Review
The equities market ended the prior week on a negative note, as the All-Share Index (ASI) declined by 33bps to close at 97,506.87 points. This pegged the Year-to-Date (YTD) return of the index at 30.40% after losses were recorded in three out of the five trading sessions in the week.
Sell pressures were noted in stocks such as SEPLAT (-6.02% w/w), GTCO (-3.02% w/w), and MTNN (-1.16% w/w), outweighing gains recorded in WAPCO (+7.41% w/w), OANDO (+6.65% w/w), and FBNH (+3.54% w/w). SUNUASSUR led the gainers, appreciating by 23.42% w/w, while AUSTINLAZ topped the decliners list with a 26.32% w/w decrease.
Sector performances were mixed in the week, with indices for Oil & Gas (NGXOILGAS: -1.93% w/w), Consumer Goods (NGXCNSMRGDS: -0.38% w/w), and Banking (NGXBNK: -0.28% w/w) posting losses. However, the Insurance (NGXINS: +1.23% w/w) and Industrial Goods (NGXINDUSTR: +0.62% w/w) indices recorded gains. FBNH topped the value and volume chart in the just concluded week.
In corporate developments, Lafarge Africa Plc has informed the Nigerian Exchange (NGX) that its majority shareholder, Holcim Group, has signed an agreement to divest its entire shareholding to Huaxin Cement, a leading Chinese cement manufacturer. This transaction will see Holcim exit the Nigerian market through thecsale of its 83.81% stake in Lafarge Africa to Huaxin Cement in a deal valued at approximately US$1 billion. Upon completion of the deal, Huaxin Cement will hold a combined 83.81% ownership in Lafarge Africa Plc. The transaction is subject to regulatory approvals and is expected to be finalized in 2025.
As we head into the new week, we anticipate mixed market activities driven by investor sentiments in response to recent corporate announcements. Additionally, many institutional investors are expected to continue adjusting their portfolios in preparation for the year-end.
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CSL Nigeria Weekly – 02 December 2024.pdf
