MTN, UBA, Aradel Push NGX to Negative Close to End 2024

In the final trading day of the year 2024, the bears dominated the domestic bourse as the NGX All-Share Index (ASI) shed 22 basis points to settle at 102,926.40 points.

The market’s weak performance was primarily driven by selloff in the shares of MTN Nigeria which lost -3.75% in price, ARADEL with-0.33% price decline and UBA which lost 0.87% in its share price to close the day.

Consequently, the market capitalization lost ₦135.95 billion to close the year at N62.763 trillion.

Over the year, some of the top performers include GEREGU (+188.22% y/y), SEPLAT (+146.75% y/y) and OANDO (+528.57% y/y), while some of the laggards include BUACEMENT (-4.10% y/y), ACCESSCORP (-3.00% y/y), and DANGSUGAR (-43.0% y/y).

In summary, the NGX Exchange finished the year, up 37.64% y/y – the fifth consecutive annual gain, while the market capitalization added N21.85 trillion y/y to close at N62.763 trillionn.

Sector wise, all sector indices closed the year positive. The NGX Oil and Gas Index was the best performer for the year, gaining 160.29% y/y, followed by the NGX Insurance Index (+129.58% y/y), the NGX Consumer Goods Index (+52.24% y/y), the NGX Pension Index (+40.74% y/y), the NGX30 Index (+37.25% y/y), the NGX Industrial Goods Index (+31.72%y/y), and the NGX Banking Index (+22.24% y/y).

Analysis of Tuesday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 160.28%.

A total of 437.76 million shares valued at N40.34 billion were exchanged in 8,830 deals.

Trading statistics showed that ACCESSCORP (-0.62%) led the volume chart with 30.26 million units traded while ARADEL (-0.33%) topped the value chart with deals worth N12.97 billion.

Market breadth closed positive at a 1.27-to-1 ratio with advancing issues outnumbering the declining ones.

Specifically, UNIVINSURE gained 10% to top 32 others on the leader’s table while ETERNA shed 10% to lead 25 others that close the last session of the year in the red zone.