The Nigerian equity market closed on a positive note today as the NGX All Share Index (ASI) finished at 100,050.9 points, marking a gain of 128.3 points or 0.13%. This reflects the market’s sixth consecutive session of gains and signals renewed investor confidence amid improving economic sentiment.
The last time the NGX ASI closed above the critical 100,000-point threshold was July 25, 2024, underscoring the significance of today’s performance. Despite the current rally, the index remains below its all-time high of 106,087.8, set earlier in February 2024.
Top 5 Performers
- MRS Oil Plc (MRS): Up 10.0%, closing at ₦145.2
- Sector: Distribution Services
- WAPIC Insurance Plc (WAPIC): Gained 10.0%, closing at ₦1.54
- Sector: Finance
- Caverton Offshore Support Group Plc (CAVERTON): Increased by 9.68% to close at ₦2.38
- Sector: Transportation
- Lasaco Assurance Plc (LASACO): Added 9.41%, closing at ₦2.79
- Sector: Finance
- Royal Exchange Plc (ROYALEX): Rose by 9.09%, ending the session at ₦0.72
- Sector: Finance
Worst 5 Performers
- Cutix Plc (CUTIX): Declined 10.0% to close at ₦2.25
- Sector: Producer Manufacturing
- Tantalizers Plc (TANTALIZER): Dropped 9.73%, finishing at ₦1.67
- Sector: Consumer Services
- Daar Communications Plc (DAARCOMM): Fell 7.02% to ₦0.53
- Sector: Consumer Services
- Oando Plc (OANDO): Down 6.1%, closing at ₦68.5
- Sector: Energy Minerals
- FTN Cocoa Processors Plc (FTNCOCOA): Slid 5.88% to ₦1.76
- Sector: Process Industries
Sector Performance
Best Sectors:
- Distribution Services
- Transportation
- Finance
Worst Sectors:
- Producer Manufacturing
- Consumer Services
Market Overview
The market’s current momentum is driven by gains in finance and distribution services sectors, coupled with investor interest in mid-cap stocks like MRS Oil and Lasaco Assurance Plc. The performance aligns with Nigeria’s steady economic recovery, where sectors like insurance and oil distribution have attracted significant trading volumes.
While consumer services and manufacturing stocks lagged, overall market breadth remained positive, reflecting optimism among investors as 2024 winds down.
Investor Sentiment
Investors continue to monitor:
- Economic indicators such as inflation and interest rate trends, with Nigeria’s CPI reported at 34.6% in November 2024.
- Corporate earnings and dividend declarations expected to support further rallies.
- The upcoming fiscal policy reviews expected to provide clarity on macroeconomic direction.
Outlook
As the NGX ASI maintains its upward trajectory, analysts anticipate a continued positive sentiment in the short term, with a potential retest of the all-time high in early 2025.
