- Ardova reiterates future agenda through innovations
Trading activities on the Nigerian Exchange Limited recorded new growths in the week ended December 20, 2024 as the equities market extended its winning streak, achieving a historic milestone as the benchmark NGX All-Share Index surpassed the psychological 100,000-point threshold for the first time since July 2024.
The ASI closed at 101,129.09 points, reflecting a 1.76 percent week-on-week (w/w) increase, driven by investors’ renewed confidence across multiple sectors. This rally was buoyed by favourable market dynamics, including festive season optimism and Christmas-related activities.
The market capitalisation mirrored this upward trajectory, growing by N1.06 trillion to close at N61.3 trillion, also up 1.76 percent w/w.
The consistent rise underscores strong investor appetite for Nigerian equities, spurred by year-end window dressing and a positive macroeconomic outlook. The year-to-date return on the ASI has now surged to an impressive 35.25 percent, cementing its status as the best-performing index of 2024.
However, even in the face of the bullish sentiment, trading activities showed mixed patterns as investors carefully reassessed their portfolios, factoring in the implications of November 2024 inflation data.
The total volume of shares traded for the week declined by 10.32 percent to 2.44 billion units, while the value of transactions rose significantly by 78.84 percent to N88.81 billion, executed across 48,216 deals. These figures reflect cautious trading amidst strategic positioning by market participants preparing for potential macroeconomic shifts.
Sectoral performance remained predominantly positive, with a robust market breadth as 61 stocks recorded gains against 26 decliners.
The NGX-Insurance and NGX-Banking indices emerged as the week’s top-performing sectors, posting solid gains of 8.83 percent and 3.23 percent w/w, respectively, as financial stocks drew heightened investor interest.
The NGX-Consumer Goods and NGX-Oil & Gas sectors also performed commendably, rising by 2.92 percent and 0.99 percent w/w, respectively.
This was driven by a surge in demand for energy and consumer stocks with strong fundamentals, particularly blue-chip counters. However, the NGX-Industrial Goods sector declined by 0.83 percent, reflecting profit-taking activities that slightly tempered its performance.
In terms of individual stock performance, MRS Oil Plc emerged as the top gainer for the week, soaring by 36.4 percent. It was closely followed by Eterna Oil with 32.4 percent gain, Honeywell Flour up by 31.5 percent, Livestock Feeds appreciated by 30.2 percent, and Coronation Insurance added 26.9 percent to its share price, as investors capitalised on their growth prospects.
Conversely, John Holt Plc led the decliners, dropping 18.7 percent, followed by Multiverse Exploration losing 18.6 percent, University Press shed 16.3 percent, Tantalizer declined by 13.0 percent, and PZ Cussons headed southward with 8.0 percent lost, driven by profit-booking pressures in these counters.
Reviewing the market performance and projecting for the new week, analysts at Cowry Assets Management Limited, say the Nigerian equities market is expected to maintain its bullish momentum, supported by year-end window-dressing activities by fund managers. “Market participants will also closely monitor the impact of the recently published Consumer Price Index (CPI) data on their portfolios and market strategies. Optimism surrounding improved macroeconomic indicators and ongoing portfolio rebalancing efforts is likely to sustain market activity. As the year draws to a close, strategic positioning is anticipated to guide trading decisions, promising an eventful conclusion to a record-breaking year for the local bourse,” the stated in the weekly review report.
Ardova reiterates future agenda through innovations
Fast growing energy company, Ardova Plc, has reiterated its commitment to boost productivity in the Energy Sector through various innovations.
Speaking at an interactive session with Journalists in Lagos as part of activities to mark its 60th anniversary, the management of the company thanked stakeholders for their support and pledged rewarding innovations in the years ahead.
The Managing Director of Ardova Plc, Moshood Olajide, who reiterated the company’s vision said “We are not just in the business of energy; we are in the business of empowerment.”
Olajide explained in detail the company’s expansion agenda and various diversification interests.
Going down memory lane, the Chief Strategy Officer, AbdulHakeem Buhari, said “Ardova embodies a vision where energy innovation meets economic empowerment.”
The company recently unveiled a lubricant oil blending plant with a production capacity of 150 million litres annually and a storage capacity of 14 million litres in Lagos.
“We celebrate 60 years of strength and resilience. With determination, we look forward to 60 years and more of powering Nigeria’s progress.
“As we celebrate this milestone, we reflect on our achievements and the endless possibilities that lie ahead,” Buhari said.
