• Business - Market Data
  • Updated: February 14, 2022

Stock Market Review: Meet The Top Winners Part 2

Stock Market Review: Meet The Top Winners Part 2

This week, we will be looking at the performances of stocks in the Nigerian stock market (NGX). We will identify the top gainers and losers, key indices of assessment, stocks to watch out for this week, and key news events that encouraged investors to inject new money into the stock market.

The week in review is week 6 of the year 2022. In the Nigerian stock market (NGX), the all-share index (ASI), which is the key instrument to assess the general performance of the capital market worldwide, was narrowly negative as the index declined three out of five times to close at 47, 202.30 bps. Its decline represented 127.5 basis points fall from the 52-week all-time high of 47,329.80 bps.

Factors responsible for this decline might be attributed to some institutional investors doing the ‘whale shark’ on the stock market i.e. making large withdrawals to either meet personal commitments or directing capital to other profitable ventures for the time being. But overall investors’ confidence in the Nigerian stock exchange is still bullish.

What would have been the cause of this slightly bearish outcome?

Several things may be responsible for this sudden surge of selling pressure on the domestic bourse.

  1. Contaminated Fuel Saga: Early this week, the ongoing saga of which companies may be responsible for the importation of methanol-infected PMS took a much more dramatic dimension as companies such as ARDOVA, MRS, and a few others were fingered out. Though the companies gave disclaimer statements about their involvement in the poisonous fuel saga, I believe it may have affected the overall outlook of the equity market as investors may have reacted bearishly expecting the companies to do the needful to regain investors’ confidence.
  2. Financial statements: Companies such as HONEYWELL, NIGER INSURANCE, and a few others released financial statements. I believed posting a positive/negative profit after tax results definitely affected the overall bearing of the market. These results either guarantee dividend payments or capital appreciation depending on the decision of the annual general meeting (AGM).
  1. Boardroom resolutions and AGM: Some companies gave an indication of a forthcoming board meeting and annual general meetings with expectations of dividend payment coming from a positive earnings per share (EPS). Grief Nigeria Plc had its annual general meeting during the week. Many decisions were made to the approval of the shareholders.
  1. Speculative events: Since capital value is built on the speculative attitude of securities traders, traders could make a buy or sell trade decision based on some events. Last week I noted that the market will respond to the attack on Okomu Oil, as rightly predicted the company’s share value drop as the firm lost exactly 10% on Tuesday.


  1. Director dealings: Though not strong enough to cause a major shift in the market direction for any share or equity market in general, they are still capable of driving momentum or staying still.


Who were the top gainers?

We used one major parameter to identify the best-performing stock. The parameter used was the percentage climb that was reflected in the stock growth value.

The top gainers are:

  1. Scoa Nigeria Plc, better known as SCOA on the NGX stock exchange, is a company that provides all options of motor vehicle provision to Nigerians. SCOA Nigeria Plc engages in the distribution, maintenance, and leasing of motor vehicles, from rentals to outright purchase, the company stands as a representative for several car manufacturers ingerroll and others. The company is headquartered in Lagos with branches offices in Port Harcourt, and Abuja. The company started trading with an opening price of NGN1.3/UNIT and grew by exactly +28.97% during the week to close at NGN1.78/UNIT on Friday, February 11, 2022, making the company the toast of investors for week 6 of 2022.
  1. GUINNESS, came second as the company's share price appreciated by +20.00% throughout the week to close at NGN60.50 on Friday. The company appeared in the gainers chart twice.
  2. SUNUASSUR, came third as the company's share price appreciated by +19.09% throughout the week to close at NGN0.36 on Friday. The company also appeared in the gainers chart twice.
  1. RTBRISCOE: The company's share price appreciated by +17.14% throughout the week to close at NGN0.33 on Friday. The company appeared in the gainers chart twice.



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