Weekly Market Wrap: All-Share hits N63 trillion, gains 1.42% as insurance stocks shine, PZ Cussons leads decliners 

The Nigerian stock market concluded the trading week ending January 3, 2025, on a notably positive note, with the All-Share Index (ASI) increasing by 1,453.03 points to close at 103,586.33.

This notable rise reflects a 1.42% ascent from the previous week’s closing figure of 102,133.30, successfully surpassing the significant threshold of 103,000, as insurance stocks rallied.

During this period of bullish momentum, market activity experienced a surge, with trading volume spiking by 94.7%, resulting in a weekly total of 2.6 billion shares exchanged, a marked increase from the 1.3 billion shares recorded in the prior week.

Furthermore, the market breadth demonstrated considerable strength, with eighty-two (82) equities witnessing price appreciation, exceeding the sixty-four (64) equities that experienced similar gains in the preceding week.

Conversely, the number of equities that faced depreciation decreased to eighteen (18), down from twenty (20) the previous week, underscoring a more favorable market environment.

Market performance 

The Nigerian stock market exhibited a predominantly bullish trend throughout the week, with market capitalization surpassing the N63 trillion threshold to close at N63.1 trillion.

The All-Share Index (ASI) commenced the week on a robust note, capturing most of its gains on Monday before experiencing a slight dip on Tuesday. Following a public holiday on Wednesday, the index rebounded, closing in positive territory on both Thursday and Friday.

Key highlights of the week 

• The NGX Premium Index rose by 0.98%, driven by strong performances from heavyweight stocks such as WAPCO, MTNN, ACCESSCORP, and UBA. The NGX-30 also witnessed a 1.25% increase.
• The NGX Main Board Index achieved a gain of 1.62%, indicative of broad-based momentum.

Sectorial Performance: 

• The NGX Insurance Index led the charge with a remarkable 26.91% increase, buoyed by the stellar performance of seven insurance stocks, each surging over 33% for the week, particularly PRESTIGE ASSURANCE PLC and SOVEREIGN TRUST INSURANCE PLC.

• Following closely, the NGX Consumer Goods Index recorded a 2.16% increase, fueled by significant gains of 20% in HONEYWELL FLOUR MILLS PLC and UNILEVER NIGERIA.

• The NGX Banking and NGX Industrial indices posted modest gains of 0.58% and 0.50%, respectively.

• Conversely, the NGX Oil and Gas Index experienced a decline of 0.45%, amid over 4% drops in TOTAL, ETERNA, and OANDO.

Top Gainers 

Leading the pack of gainers, PRESTIGE ASSURANCE PLC surged by 46.00%, followed by NEIMETH INTERNATIONAL PHARMACEUTICALS PLC, which rose by 45.26%. Other notable gainers included:

SOVEREIGN TRUST INSURANCE PLC: up 45.16% to N1.35

CORONATION INSURANCE PLC: up 44.92% to N2.71

UNIVERSAL INSURANCE PLC: up 43.64% to N0.79

TANTALIZERS PLC: up 43.60% to N2.47

GUINEA INSURANCE PLC: up 42.65% to N0.97

CONSOLIDATED HALLMARK HOLDINGS PLC: up 39.86% to N4.00

CORNERSTONE INSURANCE PLC: up 33.03% to N4.35

ROYAL EXCHANGE PLC: up 32.97% to N1.21

 

Top Losers 

On the losing side, PZ CUSSONS NIGERIA PLC led the decline, falling by 13.79%, followed by CWG PLC and UNION DICON SALT PLC, which fell by 10.83% and 10.00%, respectively. Other significant decliners included:

• NIGERIAN EXCHANGE GROUP: down 9.17% to N27.25
• CADBURY NIGERIA PLC: down 6.52% to N21.50
• TOTALENERGIES MARKETING NIGERIA PLC: down 6.51% to N630.00
• ETERNA PLC: down 6.32% to N26.70
• OANDO PLC: down 4.23% to N64.50
• ASSOCIATED BUS COMPANY PLC: down 4.07% to N1.18
• DANGOTE SUGAR REFINERY PLC: down 3.82% to N32.75

Corporate Announcements 
Several corporate announcements made waves this week:

• Nigerian Breweries Plc announced the listing of 20,706,894,542 new ordinary shares as part of its rights issue.
• Access Holdings Plc released its Group Sustainability Report.
• Presco Plc issued a statement regarding its upcoming bond issuance.
• FCMB Group Plc successfully completed its public offer, marking a significant milestone in its capital-raising efforts.
• John Holt Plc published its fifth-quarter financial statement for 2024, providing insights into its performance and outlook.

Outlook 

• The Nigerian All-Share Index has surpassed the 103,000 milestone, continuing its robust performance at the beginning of the year.
• With the significant barrier of 104,000—last achieved in March 2024—now within reach, the market’s direction will likely depend on investment activity in January.
• Expected favorable corporate results for Q4 2024 may offer the necessary impetus to drive the index even higher.