Nigeria’s All-Share Index fell by 1.16% in the third week of August, influenced by declines in some equities. The index fell from an opening of 97,100,31 points on Monday to end the week at 95,973 points.
The Nigerian equities market experienced bearish pressure as certain large-cap stocks closed trading in the red. Share prices for Cutix PLC, Dangote, and the initiates fell by more than 9%.
Despite buy-pressure in some sectors, such as oil and gas, All Share concluded the week in negative.
Market Performance:
On August 19, 2024, the index dropped to 95,781 points with a volume of 405 million shares. However, the index attempted to recover over the remaining days of the week, rising to 95,973 points.
- Indexes such as NGX Oil and Gas (+3.54%), NGX Insurance (+1.90%), and NGX Banking (+0.37%) closed higher.
- While the NGX Industrial goods (-4.94%) and NGX Consumer goods (-1.42%) fell from their opening levels on Monday.
The NGX-30 followed the All-Share Index’s price action, falling by 1.29% to end the week in the red. However, the Main Board Index climbed by 0.98%.
Top gainers:
RT Briscoe led the gainers, climbing by 59.41% to earn the number one spot on the table. Tantalizers PLC advanced by 54.55%, while Oando closed by 33.47%.
Other gainers include:
- DEAP CAPITAL MANAGEMENT & TRUST PLC: Up by 30.23% to close at N0.56
- UNITED CAPITAL PLC: Up by 26.60% to close at N19.75
- SOVEREIGN TRUST INSURANCE PLC: Up by 12.00% to close at 0.50
- TRANSNATIONAL CORPORATION PLC: Up by 11.63% to close at N12.00.
- CORNERSTONE INSURANCE PLC Up by 10.48% to close at N2.32.
- SFS REAL ESTATE INVESTMENT TRUST Up by 10.00% to Close at N122.65
- SKYWAY AVIATION HANDLING COMPANY PLC Up by 10.00% to close at N26.40
Top Losers:
Cutix PLC led the losers table, falling by 37.70% to close in the red. Dangote Cement also witnessed a decline, shedding 10% of its share price.
Other losers include:
- THE INITIATES PLC: Down by 9.78% to close at N2.03
- THOMAS WYATT NIG. PLC. Down by 9.71% to close at N1.58
- BETA GLASS PLC. Down by 9.43% to close at N48.00
- UPDC REAL ESTATE INVESTMENT TRUST Down by 7.07% at close at N4.60.
- OMATEK VENTURES PLC Down by 7.04% to close at N0.66
- TRANSCORP HOTELS PLC Down by 6.25% to close at N90
- International Breweries PLC. Down by 5.49% to close at N4.30
- MAY & BAKER NIGERIA PLC. Down by 5.41% to close at N7.00.
Corporate announcements:
The week saw several key corporate announcements:
- Oando PLC Completes $783 Million Acquisition of Eni’s Subsidiary, Nigerian Agip Oil Company.
- Airtel’s notification about transactions in its own shares.
- Retirement of senior executives of Daar Communications.
- BUA Foods expansion of its wheat flour milling capacity to 2.5 million MTPA
Outlook:
The all-share index is expected to sustain the slight upward movement that began on Friday.
Fueled by the buy-pressure in the oil and gas, insurance, and banking sectors, the Nigerian stock market might likely correct to the upside in the upcoming week.
