December 5, 2024/InvestmentOne Report

The local equities market was down by 0.15% MoM to close negative in November 2024, as the NGXASI extended its loss from the previous month (October 2024: -0.92%). The performance was attributed to the bearish sentiment observed in some large cap stocks such as OANDO (-563.92pts), SEPLAT (-366.91pts), MTNN (190.65pts), BUACEMENT (-174.14pts) and STANBIC (-115.41pts).

We expect the equities market to close positive in December 2024, albeit at a moderate pace supported by the anticipation for resilient 2024FY corporate earnings and actions. We also consider the end-of-year portfolio rebalancing activities which could mean well for the market index performance.

Kindly find HERE, our report, covering our analysis and considerations.