Investor interest in key stocks such as Dangote Cement, FBNHoldings, Guaranty Trust Holding Company, GTCO, and Fidelity Bank, alongside other advancing equities, contributed to the market’s positive performance.

The market capitalisation increased by N53 billion, or 0.09 per cent rising from N62.257 trillion at the opening to N62.310 trillion at the close.

Similarly, the All-Share Index, ASI, advanced by 0.09 per cent, gaining 87.11 points to close at 102,183.06, compared to 102,095.95 reported on Wednesday.

This performance brought the Year-To-Date, YTD, return to 0.72 per cent.

However, in spite the gains, the market breadth closed negative, with 35 gainers against 26 losers.

On the losers’ chart, Livestock Feeds led by 60k to close at N5.40, Eunisell trailed by N1.73 to close at N15.63 per share.

Neimeth International Pharmaceutical and Regal Insurance lost 7k each to close at N3.12 and 68k per share respectively, while Honeywell Flour shed 94k to close at N9.21 per share.

Conversely, North Nigerian Flour Mill led the gainers table by N4.95 to close at N54.45, Dangote Sugar followed by N3.65 to close at N40.50 per share.

John Holt gained 83k to close at N9.30, The Initiate Plc added 25k to close at N2.80 and Omatek went up by 8k to close at 90k per share.

Trade turnover settled higher relative to the previous session, with the value of transactions up by 76.82 per cent.

A total of 472.16 million shares valued at N16.70 billion were exchanged in 12,336 deals, compared with 435.54 million shares valued at N9.44 billion traded in 12,098 deals, posted in the previous session.

Meanwhile, GTCO led the activity chart in volume and value with 65.05 million shares worth N3.77 billion.

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According to CAICT, foreign smartphone sales in China fell to 6.22 million units in October from 11.15 million a year earlier. 

China is putting in more preference for locally produced devices, pushing out globally reputable brands like Apple, whose performance in the Chinese market has suffered recently.

Apple, the largest foreign smartphone maker in China, launched its iPhone 16 models in September 2024, yet sales have underperformed among other smartphones in the market. 

One reason for this is the delayed rollout of anticipated artificial intelligence features built for Chinese users, which are not expected to be available until next year. 

Again, Apple has yet to secure a local AI partner, further complicating its efforts to compete in a market increasingly favouring homegrown brands.

This decline in foreign smartphone sales reiterates China’s mission to strengthen local production and reduce reliance on imports. 

Over the past decade, the Chinese government has channelled huge investments into industries such as semiconductors, consumer electronics, and biopharmaceuticals. 

This approach has stimulated the growth of domestic tech giants, allowing them to meet rising demand and compete with international players.

For instance, China’s semiconductor sector, led by companies like Semiconductor Manufacturing International Corporation (SMIC), has seen rapid development, enabling the country to reduce its dependence on foreign chipmakers. 

The emphasis on enabling domestic innovation aligns with China’s economic goals to withstand external pressures, such as trade disputes and shifting global supply chains.

While foreign smartphone sales have taken a hit, overall smartphone sales in China increased slightly by 1.8% in October to reach 29.67 million units. This growth is largely attributed to the success of local brands, which have gained favour among Chinese consumers due to competitive pricing, tailored features, and government backing.

A Blueprint for Self-Reliance

China’s pivot to promoting local production is a model for other countries looking to enhance their economic independence. 

In prioritising domestic production, China is reducing its reliance on imports and also changing its market dynamics to favour local innovation.

Nigeria, too, is striving towards this goal, with companies like Innoson and Omatek leading in local phone manufacturing. 

However, the market remains largely dominated by imported brands, particularly those from China. Despite the Nigerian Communications Commission (NCC) approving several local brands, the penetration of these devices is still limited compared to their international counterparts.

China’s continuous advancement of its self-reliance model should definitely push global companies operating in the country to adjust to the evolving priorities.