The Nigerian stock market finished the week on December 27, 2024, on a positive note, with the All-Share Index (ASI) increasing by 0.99% to reach 102,133.30 points, surpassing the important 102,000-point mark. This means the index gained 1,004.21 points compared to the previous week’s close of 101,129.09 points.
However, the number of shares traded dropped by 46.7%, with 1.3 billion shares exchanged, down from 2.5 billion the week before. Market breadth remained strong, with 64 stocks advancing against 20 decliners, reflecting sustained investor confidence.
Sectoral Performance
- The NGX Insurance Index was the top performer among sectors, jumping by 7.87%. This was mainly due to strong results from UNIVERSAL INSURANCE PLC, PRESTIGE ASSURANCE PLC, and SUNU ASSURANCES NIGERIA PLC.
- The NGX Consumer Index also went up by 3.13%, helped by a 26% rise in PZ CUSSONS NIGERIA PLC.
- The NGX Banking Index increased by 1.97%, while the NGX Industrial Goods Index saw a small gain of 0.09%.
- Conversely, the NGX Oil and Gas Index dropped slightly by 0.12%.
Top Gainers and Losers
IKEJA HOTEL PLC led the gainers with a 32.79% increase, followed by MULTIVERSE MINING AND EXPLORATION PLC (32.61%) and PZ CUSSONS NIGERIA PLC (26.09%).
Other notable gainers included UNIVERSAL INSURANCE PLC (25.00%) and MRS OIL NIGERIA PLC (21.00%).
On the downside, THOMAS WYATT NIG. PLC led decliners, dropping by 10.00%, followed by ARADEL HOLDINGS PLC (-9.64%) and AUSTIN LAZ & COMPANY PLC (-9.29%).
Corporate Highlights
Key corporate developments included:
- Transnational Corporation Plc’s proposed mandatory tender offer.
- Julius Berger Nigeria Plc’s plans to grow its business into Benin Republic.
- MTN Nigeria’s plan to raise up to N50 billion by selling short-term debt notes.
- Tantalizers Plc diversification into the blue economy with plans to acquire a fish trawling company.
