The Nigerian Exchange (NGX) All-Share Index dipped by 0.33% in the week ending November 29, 2024, closing at 97,506.87 points with a market capitalization of ₦59.107 trillion. The trading session saw 2.68 billion shares valued at ₦28.25 billion exchanged in 35,654 deals. The market breadth remained negative despite active trades, with 46 decliners outweighing 32 gainers, indicating cautious investor sentiment. Blue-chip companies saw buying interest, while other sectors grappled with challenges.
Livestock Feeds Plc emerged as a standout performer, gaining 18.5% to close at ₦2.18, supported by its expanding market share in Nigeria’s poultry industry. Other notable gainers included Academy Press Plc, up 16.1% to ₦2.45, and Jaiz Bank Plc, which rose by 12.5% to ₦1.62. However, the pharmaceutical and insurance sectors saw significant declines, with Neimeth Pharmaceuticals dropping 15.7% to ₦1.77 and Cornerstone Insurance falling 14.9% to ₦0.91, reflecting pressures from inflation and stiff competition.
Globally, the markets exhibited mixed trends as inflation concerns eased. The S&P 500 recorded a 2.7% weekly gain, its best monthly performance of the year, while Brent crude oil closed at $72.94 per barrel, slightly down amid weaker economic growth signals. In Nigeria, the Central Bank’s recent monetary policy adjustments, including raising the MPR to 27.5%, aim to tackle inflation and stabilize the Naira, setting the stage for continued market fluctuations in the weeks ahead.
