December 23, 2024/CSL Research
The equities market closed last week in the green zone, as the All-Share Index (ASI) increased by 176bps week-on-week (w/w) to close at 101,129.09 points. This brought the Year-to-Date (YTD) return of the ASI to 35.25% with gains in four out of five trading sessions for the week.
Sell pressure in stocks such as BUACEMENT (-2.11% w/w), DANGSUGAR (-7.14% w/w), and WAPCO (-2.14% w/w) were unable to outweigh the gains recorded in stocks like GTCO (+7.65% w/w), TRANSCORP (+9.43% w/w), and ZENITHBANK (+4.20% w/w) as the equities market breadth settled at 2.35x at the close of the week compared to 1.71x in the previous week.
Overall, the week’s performance reflected sustained investor interest across key sectors with notable gains in the Insurance (NGXINS: +8.83% w/w), Banking (NGXBNK: +3.23% w/w), Consumer Goods (NGXCNSMRGDS:+2.92% (w/w) and oil & Gas (NGXOILGAS: +0.99% w/w) indices. The Industrial Goods (NGXINDUSTR: -0.86% w/w) index was the only sector that recorded a loss. STERLINGNG topped the volume chart for the week, while ARADEL BY led the value chart.
In corporate developments, Oando plc released its 9M 2024 financial statements in the week. The report highlighted a 35.8% y/y growth in Revenue to ₦3,189.62 billion while Post-Tax Profit declined by 30.8% y/y to ₦76.30 billion. Also, PZ Cussons Nigeria Plc released its 6M 2024 financial statement. Revenue in the period was ₦96.46 billion (+41.7% y/y) while Loss After Tax for the company reduced to ₦7.01 billion (-90.5% y/y). Lastly, Aradel Holdings Plc received ministerial consent to the sale of Shell Petroleum Development Company (SPDC) to Renaissance Africa Energy Limited.
Investor sentiments in the new week are expected to reflect a continued focus on corporate announcements and dividend expectations, even as trading activities are anticipated to reduce in the three trading-day week amidst sustained portfolio adjustments by institutional investors and fund managers
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Kindly click on the below link to download the full report.
CSL Nigeria Weekly – 23 December 2024.pdf
