Introduction
The Nigerian stock market ended the trading day on December 10, 2024, with a modest gain, as the NGX All-Share Index (ASI) advanced by 99.4 points, representing a 0.10% increase, to close at 98,207 points. Investors across sectors contributed to this positive performance, despite mixed signals from global and regional markets.
Market Performance Overview
The NGX ASI’s upward momentum reflects investor confidence in key sectors, buoyed by gains in select blue-chip stocks and renewed interest in consumer non-durable goods. Market capitalization followed suit, maintaining steady growth, while trading volumes suggested a balanced sentiment among retail and institutional investors.
Top Performing Stocks
Leading the charge were stocks in the consumer non-durables and financial sectors, with several counters achieving significant daily gains. The best-performing stock of the day was Golden Guinea Breweries Plc (GOLDBREW), which surged by 9.93% to close at ₦6.53 per share, followed by Guinea Insurance Plc (GUINEAINS), up 9.8%, settling at ₦0.56 per share.
Market Performance
Top 5 Performers
| Symbol | Description | Sector | Price | Price Change % 1 day |
|---|---|---|---|---|
| GOLDBREW | GOLDEN GUINEA BREWERIES PLC | Consumer non-durables | 6.53 | 9.93 |
| GUINEAINS | GUINEA INSURANCE PLC | Finance | 0.56 | 9.8 |
| TANTALIZER | TANTALIZERS PLC | Consumer services | 1.46 | 9.77 |
| AFRIPRUD | AFRICA PRUDENTIAL REGISTRARS PLC | Technology services | 13.0 | 9.7 |
| ABCTRANS | ASSOCIATED BUS COMPANY PLC | Transportation | 1.25 | 9.65 |
Worst 5 Performers
Best Sectors
- Communications
- Technology services
- Distribution services
- Commercial services
- Consumer services
Worst Sectors
- Health technology
- Non-energy minerals
- Retail trade
- Industrial services
- Utilities
Other notable performers included:
- Tantalizers Plc (TANTALIZER): +9.77% to ₦1.46
- Africa Prudential Registrars Plc (AFRIPRUD): +9.7% to ₦13.00
- Associated Bus Company Plc (ABCTRANS): +9.65% to ₦1.25
These gains were largely attributed to robust investor demand and sectoral resilience amid broader economic uncertainties.
Lagging Stocks
Conversely, the session saw a decline in some stocks, particularly within the consumer services and health technology sectors. John Holt Plc (JOHNHOLT) emerged as the worst performer, dropping by 9.96% to close at ₦7.23. Other laggards included:
- HMCALL: -9.91% to ₦5.27
- Morison Industries Plc (MORISON): -9.89% to ₦4.01
- Lafarge Cement WAPCO Plc (WAPCO): -7.8% to ₦65.00
- UPDC Real Estate Investment Trust (UPDCREIT): -5.83% to ₦4.85
The decline in these stocks reflects profit-taking activities and cautious investor behavior in less liquid segments.
Sectoral Performance
The communications and technology services sectors led the market, demonstrating their growing influence in the Nigerian economy. On the flip side, health technology and utilities sectors lagged due to sector-specific challenges.
Key Highlights and Trends
- Resilient Consumer Stocks: Gains in stocks such as GOLDBREW and TANTALIZER highlight strong consumer demand and sectoral growth.
- Tech Dominance: The robust performance of AFRIPRUD underscores the increasing role of technology in driving corporate and market efficiency.
- Global Factors: Nigerian equities also mirrored cautious optimism seen in global markets as investors digest developments in global economic policy and commodity prices.
Outlook
With the NGX ASI nearing the 100,000-point mark, analysts predict cautious optimism heading into the year-end. Stable interest rates and robust consumer demand could drive further gains, while global economic headwinds may temper market exuberance.
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