December 30, 2024/Futureview Research

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Key Highlights:

• Bulls maintain dominance on Equities
• The NGXASI end week at 102,133.30 points, W-o-W 99bps.
• Market Capitalization gained N608.74 billion to N61.91 trillion.
• YTD, the NGXASI settled at +36.59%

The market opened for three trading days this week as the Federal Government of Nigeria declared Wednesday December 25 and Thursday December 26, 2024, as Public Holidays to commemorate the Christmas Celebration. Meanwhile, the Nigerian equities market sustained its positive momentum, supported by strong buying interest in the Insurance, Consumer Goods, and Banking sectors. Consequently, the NGX All-Share Index (NGXASI) rose by 99bps to close at 101,133.30 points at the end of the week. Similarly, market capitalization advanced by ₦608.74 billion to ₦61.91 trillion, recording a 0.99% gain week-on-week. This impressive performance has further enhanced the Year-to-Date (YTD) return to 36.59%, reflecting continued investor confidence in the market’s resilience.

A total turnover of 1.387 billion shares worth N52.02 billion in 33,411 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.536 billion shares valued at N91.38 billion that exchanged hands last week in 51,406 deals. The Financial Services Industry (measured by volume) led the activity chart with 881.65 million shares valued at N17.77 billion traded in 14,968 deals; thus contributing 63.58% and 34.17% to the total equity turnover volume and value respectively. The Oil and Gas industry followed with 103.76 million shares worth N12.44 billion in 4,554 deals. Third place was the Services Industry, with a turnover of 98.62 million shares worth N482.17 million in 1,998 deals.

Trading in the top three equities namely UNITED BANK FOR AFRICA PLC, UNIVERSAL INSURANCE PLC and ZENITH BANK PLC (measured by volume) accounted for 294.03 million shares worth N8.12 billion in 3,834 deals, contributing 21.20% and 15.60% to the total equity turnover volume and value respectively.

Sectoral performance was mainly positive, with four indices posting gains, while the Oil & Gas index declined by 0.1% w/w, following profit-taking in ARADEL (-9.6%) and OANDO (-0.7%). The Insurance (+7.9% w/w) and Consumer Goods (+3.1% w/w) indices outperformed, supported by strong buying interest in SUNUASSUR (+20%), MANSARD (+13.3%), PZ (26.1%), NB (12.1%) and INTBREW (+11%). Meanwhile, the Banking (+2.0% w/w) and Industrial (+0.1% w/w) indices recorded modest gains, driven by price appreciations in STERLINGNG (+13%), FBNH (+4.9%), CUTIX (+3.5%), and WAPCO (+0.7%).

Sixty-four (64) equities appreciated in price during the week, higher than sixty-one (61) equities in the previous week. Twenty (20) equities depreciated in price lower than twenty- six (26) in the previous week, while sixty-nine (69) equities remained unchanged, higher than sixty-six (66) recorded in the previous week.