Weekly Market Wrap: Nigerian stock market soars 1.76% as All-Share surpasses N61 trillion, MRS Oil and ETERNA PLC lead gains

The Nigerian stock market concluded an exceptional trading week on December 20, 2024, with the All-Share Index (ASI) surging by 1,751.03 points to close at 101,129.09.

This 1.76% rise broke through the key psychological levels of 100,000 and 101,000, signaling the market’s remarkable resilience and strong investor confidence.

Despite the bullish trend, trading volume saw a 7.2% decline, with 2.5 billion shares traded compared to 2.7 billion shares in the previous week.

Market breadth remained robust, with 61 stocks recording price gains, up from 51 in the prior week, while 26 equities experienced declines—a notable improvement from the 35 losers recorded the previous week.

Market performanceThe Nigerian stock market maintained a largely bullish trajectory throughout the week, with market capitalization crossing the N61 trillion mark to close at N61.3 trillion.

The All-Share Index (ASI) kicked off strongly on Monday, sustaining a streak of gains through Thursday, which saw the week’s largest rally. Despite a slight pullback on Friday, the market capitalization held firm above N61 trillion, underscoring investor confidence.

Key highlights of the week included: NGX Premium Index edged up by 0.20%, bolstered by gains in heavyweights ZENITH BANK, FBN HOLDINGS, and UBA, alongside a 0.54% rise in the NGX 30 Index.NGX Main Board Index led the sub-indices with an impressive 2.58% gain, reflecting broad-based momentum.Sectorial performance:The NGX Insurance Index outperformed with an 8.83% increase, driven by over 20% gains in CORONATION INSURANCE and SUNU ASSURANCES.The NGX Banking Index climbed 3.23%, supported by strong performances from JAIZ BANK, ZENITH BANK.The NGX Consumer Goods Index advanced 2.92%, fueled by a remarkable 30% surge in HONEYWELL FLOUR MILLS.The NGX Oil and Gas Index posted a modest 0.99% gain.While the NGX Industrial Index declined 0.86%, standing out as the only sector to close the week in the red.Overall, the week’s performance reflected sustained investor interest across key sectors, with notable gains in banking, insurance, and consumer goods stocks propelling the market forward.

Top gainersLeading the pack of gainers, MRS OIL NIGERIA PLC surged by 36.36%, followed by ETERNA PLC, which rose by 32.36%. Other notable gainers included:

HONEYWELL FLOUR MILL PLC: up 31.52% to N6.05LIVESTOCK FEEDS PLC: up 30.16% to N4.10CORONATION INSURANCE PLC: up 26.87% to N1.70U A C N PLC: up 26.30% to N30.25SUNU ASSURANCES NIGERIA PLC: up 22.79% to N7.49UNIVERSAL INSURANCE PLC: up 22.22% to N0.44ROYAL EXCHANGE PLC: up 21.67% to N0.73NIGERIAN AVIATION HANDLING COMPANY PLC: up 21.64% to N46.10Top losersOn the losing side, JOHN HOLT PLC led the decline, plunging by 18.67%, followed by MULTIVERSE MINING AND EXPLORATION PLC and UNIVERSITY PRESS PLC, which fell by 18.58% and 16.27%. Other significant decliners included:

TANTALIZERS PLC: down 13.04% to N1.60P Z CUSSONS NIGERIA PLC: down 8.00% to N23.00DANGOTE SUGAR REFINERY PLC: down 7.14% to N32.50C & I LEASING PLC: down 4.20% to N3.88WEMA BANK PLC: down 3.95% to N8.50HALDANE MCCALL PLC: down 3.85% to N5.00ELLAH LAKES PLC: down 3.83% to N3.01Corporate announcements  Several corporate announcements made waves this week:

Transcorp Hotels Plc announced a new CEO.Oando Plc released its Q3 2024 financial statement.MTN Nigeria Communications Plc released a notification regarding board changes.Aradel Holdings Plc received ministerial consent for the acquisition of SPDC Limited.Seplat Energy Plc released a notification of share dealings by PDMR, Mr. Udoma Udo Udoma.PZ Cussons Nigeria Plc released its Q2 2025 financial statement.Outlook The All-Share Index broke through the 100,000 and 101,000 barriers, recovering strongly from its August dip near the 96,000 level.This rebound was driven by upward momentum in large and mid-cap stocks that had been consolidating in previous months.Looking ahead, the index may face a retracement as the market anticipates fourth-quarter results from NGX-listed companies, especially if investors perceive it as overbought.

Izuchukwu Okoye Okoye Izuchukwu is a financial market writer and trader with extensive expertise in both Nigerian and international markets. With a keen eye for market trends and a passion for insightful analysis, he translates complex financial concepts into engaging content. By combining practical trading experience with thorough research, Okoye offers valuable perspectives that empower readers to make informed decisions in the ever-evolving world of finance.