The Nigerian stock market experienced a significant upswing in the second trading week of February, with the All-Share Index (ASI) gaining 2,120.92 points to close at 108,053.95 on February 15.
This impressive rally was largely fueled by strong performances in the industrial goods sector.
The index shattered key psychological levels of 106,000, 107,000, and 108,000, marking a 2% increase from its previous close of 105,933.03. However, trading volume declined by 18%, slipping from 2.9 billion shares to 2.4 billion shares. Despite this, market capitalization surged from ₦65.9 trillion to ₦67.4 trillion, reflecting strong investor confidence.
Market Performance Overview
The market remained on an upward trajectory, with large and mid-cap stocks driving gains. While Monday saw a slight dip, the index made remarkable recoveries on Tuesday, Wednesday, and Thursday before closing lower on Friday.
Key Market Highlights
- Dangote Cement (DANGCEM) soared by 21.8%, significantly contributing to the NGX Premium Index’s impressive 10.36% weekly gain. Additional boosts came from MTN and WAPCO.
- The NGX 30 Index climbed 2.14%, while the NGX Main Board Index declined by 0.79%.
- The NGX Industrial Goods Index jumped 10.36%, powered by a 21% surge in Dangote Cement and a 10% gain in Beta Glass (BETAGLASS).
- The NGX Insurance Index also performed well, rising 2.52%, driven by SUNU Assurances Nigeria PLC’s remarkable 27% increase.
- In contrast, the NGX Banking, NGX Oil & Gas, and NGX Consumer Goods indices recorded losses of 0.24%, 2.30%, and 3.63%, respectively.
Top Gainers of the Week
The biggest winner was Honeywell Flour Mill PLC, which soared 47.06%, followed closely by UPDC PLC, up 45.95%. Other major gainers included:
- VFD Group PLC: +30.63% to ₦58.00
- Smart Products Nigeria PLC: +30.00% to ₦0.26
- SUNU Assurances Nigeria PLC: +27.94% to ₦6.41
- Ikeja Hotel PLC: +24.44% to ₦14.00
- Eterna PLC: +22.78% to ₦45.00
- Dangote Cement PLC: +21.83% to ₦480.00
- Multiverse Mining & Exploration PLC: +20.44% to ₦10.90
- Consolidated Hallmark Holdings PLC: +20.07% to ₦3.65
Biggest Losers
Despite the overall bullish sentiment, some stocks faced declines. DAAR Communications PLC led the losers’ table with a 13.58% drop, followed by International Energy Insurance PLC, which lost 10.80%. Other notable decliners were:
- Golden Guinea Brew PLC: -9.91% to ₦7.09
- Eunisel Interlinked PLC: -9.67% to ₦12.05
- Julius Berger Nigeria PLC: -8.44% to ₦128.00
- BUA Foods PLC: -10.00% to ₦373.50
- FTN Cocoa Processors PLC: -7.49% to ₦1.73
- Coronation Insurance PLC: -7.20% to ₦2.45
- Guinea Insurance PLC: -7.06% to ₦0.79
- DEAP Capital Management & Trust PLC: -8.26% to ₦1.00
Corporate Announcements
Several companies made key business moves this week:
- Thomas Wyatt Nigeria PLC expanded its business portfolio to enhance market share.
- VFD Group PLC announced the divestment of its Atiat Limited holdings as part of a strategic shift.
- Fidelity Bank PLC released details on its public offering and rights issue.
- Nigerian Breweries PLC and Haldane McCall PLC published their audited financial statements for 2024.
- PZ Cussons Nigeria PLC confirmed the appointment of a new director.
Market Outlook
With the ASI now approaching the 110,000-point milestone, investor sentiment remains bullish. The surge is supported by positive earnings reports from late January and early February. If the market does not enter overbought territory, the rally could continue in the coming weeks.
