Weekly Market Wrap: All-Share Index falls 1.19% as Premium, other sub-sectors declineÂ

The Nigerian All-Share Index faced a setback in the first trading week of March, retreating by 1,282.79 points to close at 106,538.60.

This marks the second consecutive week of decline, reflecting a 1.19% drop from its opening value of 107,821.39 as the index slipped below the 107,000-mark.

Trading volume also fell by 1.61%, decreasing from 1.84 billion shares the previous week to 1.81 billion.

Market capitalization witnessed a notable decline, dropping from N67.1 trillion at the week’s start to N66.7 trillion by its end.

Despite the overall downturn, thirty equities saw price increases, surpassing the twenty-seven that gained the previous week. On the contrary, fifty-eight equities experienced price drops, a slight decrease from sixty in the prior week.

Market overview

The Nigerian stock market experienced a downward spiral over the past week, with all sub-sectors, except for the Commodity Index, closing in the red.

All-Share saw consecutive declines from Monday to Wednesday but managed a slight uptick on Thursday before resuming its downward trajectory on Friday.

Key highlights of the week  Â

The NGX Premium Index declined by 1.06%, coinciding with over a 3% drop in ACCESSCORP, MTNN, and FBNH, alongside a 1.14% decrease in ZENITHBANK.

• The NGX 30 index fell by 1.50%, while the NGX-Main Board Index decreased by 1.26%.

Sectoral indices  Â

• The NGX Banking Index fell by 2.87%, primarily due to significant declines in ACCESSCORP, STERLING, WEMA BANK, and FIDELITY BANK, all dropping over 3%. Meanwhile, the NGX Insurance Index decreased by 2.33%.

• The NGX Consumer Goods Index slipped 1.72%, impacted by losses in DANGOTE SUGAR and CADBURY.

• Additionally, the NGX Oil and Gas Index experienced a 0.19% drop, while the Industrial Goods Index saw a slight decline of 0.01%.

Top gainers

Leading the charge among gainers was TANTALIZERS PLC, which climbed by 36.32% week-to-date, followed by UH REAL ESTATE INVESTMENT TRUST at 28.59%. Other notable gainers included:

• LIVESTOCK FEEDS PLC: up 12.38%, N8.35
• NIGERIAN EXCHANGE GROUP: up 10.00%, N33.00
• LEARN AFRICA PLC: up 10.00%, N3.63
• S C O A NIG. PLC: up 9.88%, N3.78
• EUNISELL INTERLINKED PLC: up 9.69%, N10.75
• SMART PRODUCTS NIGERIA PLC: up 9.09%, N0.36
• C & I LEASING PLC: up 8.11%, N4.00
• GUINNESS NIG PLC: up 7.97%, N79.90

Top losers

On the losers’ table was ETERNA PLC, which declined by 18.69% week-to-date, followed by TRANSNATIONAL CORPORATION PLC at 17.72%. Other notable losers included:

• FCMB GROUP PLC: down 14.15%, N9.10
• ROYAL EXCHANGE PLC: down 13.33%, N0.78
• SOVEREIGN TRUST INSURANCE PLC: down 13.16%, N0.99
• CAVERTON OFFSHORE SUPPORT GRP PLC: down 11.86%, N2.60
• IKEJA HOTEL PLC: down 11.57%, N10.70
• UNITED CAPITAL PLC: down 10.14%, N19.95
• RED STAR EXPRESS PLC: down 10.00%, N5.94
• MULTIVERSE MINING AND EXPLORATION PLC: down 9.74%, N8.80

Corporate actions overview

This week featured several noteworthy corporate announcements:

• Champion Brew. PLC released its audited financial statement for the year ending December 31, 2024.
• Dangote Sugar Refinery PLC also unveiled its audited financial statement for the same period.
• Tantalizers PLC announced an expansion into the blue economy, acquiring 10 trawlers and partnering with a U.S.-based marine group.
• Transnational Corporation PLC disclosed its audited financial statement for the year ended December 31, 2024.

Market outlookÂ

The All-Share Index appears to be entering a retracement phase, having declined during the first trading week of March and slipping below the 107,000-threshold.

• A correction following consecutive declines could provide investors with opportunities to enter at more attractive prices.
• If the index is not deemed overbought, it could set the stage for a potential rally.