The Nigerian Exchange Limited (NGX) sustained its bearish trend on Thursday, as the All-Share Index (ASI) slipped by 0.05%, closing at 102,788.20 points. Despite this slight decline, the market has managed to post a weekly gain of 0.59% and a four-week increase of 1.41%. However, on a year-to-date basis, the market remains marginally negative, with a 0.13% loss.
The NGX market capitalisation currently stands at N63.1 trillion, with 123 equities participating in Thursday’s trading session. Market breadth was evenly split, with 28 gainers and 28 losers recorded.
Top Gainers and Losers
SCOA Nigeria emerged as the best-performing stock of the day, appreciating by 9.76% to close at N3.60 per share. Other notable gainers included Daar Communications, which saw a 9.09% rise, May & Baker Nigeria with an 8.43% increase, and Prestige Assurance Company, which gained 6.82%.
Conversely, Morison Industries suffered the biggest loss, declining by 9.98% to close at N3.61 per share. C&I Leasing also recorded a notable drop of 9.91%, while Ikeja Hotel and Neimeth International Pharma shed 8.89% and 8.51%, respectively.
Trading Activity and Sector Performance
At the close of the session, a total of 390.36 million shares valued at N21.44 billion were exchanged in 12,159 deals. This represented a 45% increase in turnover and a 13% rise in the number of deals compared to the previous trading day.
Among sector indices, the Banking Index posted the most significant growth, rising by 1.04%, while the Pension Index followed with a 0.28% gain. Other indices, such as the Top 30 Index, Premium Index, and Industrial Index, exhibited mixed performances.
Most Traded Stocks
Guaranty Trust Holding recorded the highest trading volume with 42.1 million shares, followed by United Bank for Africa (37.4 million), Zenith Bank (25.2 million), and Access Holdings (24.3 million).
Delisting of Two Companies
In a recent development, the Nigerian Exchange Regulation Limited (NGX RegCo) has confirmed the delisting of Tourist Company of Nigeria Plc and Union Homes Savings and Loans Plc from the Daily Official List of the NGX. The delisting will take effect on January 31, 2025, following extended periods of non-compliance with post-listing obligations.
A circular released by NGX RegCo stated that Tourist Company of Nigeria has been non-compliant for nine years, while Union Homes has failed to meet regulatory obligations for eleven years. Despite multiple interventions, including a final delisting notice in July 2024, no significant corrective actions were taken by the companies.
The delisting decision, approved by the NGX RegCo Board during its meeting on December 16, 2024, underscores the regulatory body’s commitment to maintaining compliance standards in the market.
Market Outlook
While the NGX closed on a negative note on Thursday, investors remain cautiously optimistic, focusing on long-term prospects and sector-specific growth opportunities.
