Dear Esteemed Client,

Equities Market Preview & Review

The Nigerian equities market closed the prior week in the red, with the All-Share Index (ASI) recording a week-on-week (w/w) drop of 2.94% to settle at 102,353.70 points. The market experienced mixed trends throughout the week, starting on a weak note from the prior week. Bearish sentiment persisted until Wednesday, with the market reversing course on Thursday and Friday, with daily marginal gains of 0.09% and 0.17%, respectively. This brought the Year-to-Date (YTD) return of the ASI to -0.56%.

Declines in key stocks such as DANGCEM (-16.46% w/w), SOVRENINS (-16.67% w/w), and ROYALEX (-18.35% w/w) significantly weighed on the market. However, these losses were partially countered by advances in stocks like DANGSUGAR (+16.67% w/w), NASCON (+15.85% w/w), and OANDO (+14.88% w/w). Market breadth was 0.57x, with 33 stocks gaining and 57 declining. This was a sharp contrast to the previous week, which saw 51 gainers and 39 decliners (1.30x). In terms of trading activity, UNIVINSURE led by volume, while GTCO dominated by value.

Sector-wise, performance was largely bearish. The Industrial Goods index (NGXINDUSTR: -8.20% w/w) led the decliners, followed by the Insurance (NGXINS: -6.23% w/w), Oil & Gas (NGXOILGAS: -0.78% w/w), and Banking (NGXBNK: -0.46% w/w) indices. On the other hand, the Consumer Goods index (NGXCNSMRGDS: +1.33% w/w) was the only index that recorded a gain.

In corporate developments, MTN Nigeria Communications Plc. successfully raised ₦42.20 billion through a commercial paper issuance. Additionally, John Holt published its audited financial results for the fiscal year ending September 30, 2024.

The ASI is currently in a retracement phase, falling from its recent peak of 105,000 points to around 102,000 points after six weeks of consistent gains. Despite this, there is optimism that the index is still poised for a longterm upward trajectory.

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Kindly click on the below link to download the full report.

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Kind Regards,

CSL Research

Email: CSLResearch@fcmb.com"‹

Address: 44 MARINA, LAGOS ISLAND, "‹

Website: www.cslstockbrokers.com