The Nigerian stock market closed the trading week ending January 10, 2025, on a high note, with the All-Share Index (ASI) posting an impressive gain of 1,864.73 points to settle at 105,451.06.
This stellar performance represents a 1.80% uptick from the previous week’s close of 103,586.33, shattering the 104,500-resistance level that had held firm since March 2024.
Marking the sixth consecutive week of gains, the market’s rally was fueled by intensified trading activity.
Total market volume surged to 3.6 billion shares, reflecting a robust 37.8% increase from the preceding week’s 2.6 billion shares.
Meanwhile, market capitalization surpassed the significant milestone of N64 trillion, closing at N64.3 trillion, driven by gains in the Premium sub-index and broad-based price increases across key equities.
A closer look at price movements reveals a mixed but vibrant trading landscape. Fifty-one equities recorded price appreciations, a decline from the 82 gainers of the prior week.
Conversely, 39 equities saw price depreciations, a notable rise from the previous week’s 18, while 62 equities remained flat.
Market performance
The Nigerian stock market demonstrated a largely bullish trajectory over the past week, with market capitalization crossing the N64 trillion milestone to close at N64.3 trillion.
The All-Share Index (ASI) started the week on a positive note, ending Monday in the green. Although the index experienced a minor dip on Tuesday, it rebounded on Wednesday.
Most of the week’s gains were recorded on Thursday, but the market saw a marginal decline of 0.08% on Friday.
Key highlights of the week:
- The NGX Premium Index surged by an impressive 4.20%, driven by significant increases in key stocks such as MTNN (+21%) and FBNH (+8%).
- The NGX 30 Index posted a gain of 2.19%, while the NGX Main Board Index advanced by 0.57%, reflecting broad-based investor confidence.
Sectoral performance:
- The NGX Banking Index led the market’s performance, rising by 1.94% on the back of gains in WEMA Bank and Ecobank (ETI).
- The Insurance Index faced a sharp decline of 6.91%, weighed down by losses of over 10% in four insurance stocks.
- Other sectoral indices experienced modest declines, with the Consumer Goods Index, Oil and Gas Index, and Industrial goods Index all retreating by 0.34%, 0.34%, and 0.26%, respectively.
Top gainers
Leading the pack of gainers, MULTIVERSE MINING AND EXPLORATION PLC surged by 53.42%, followed by HONEYWELL FLOUR MILL PLC, which rose by 31.67%. Other notable gainers included:
- DAAR COMMUNICATIONS PLC: up 25.71% to N0.88
- MTN NIGERIA COMMUNICATIONS PLC: up 21.00% to N242.00
- NCR (NIGERIA) PLC.: up 20.66% to N7.30
- TRANS-NATIONWIDE EXPRESS PLC.: up 20.48% to N2.00
- TRANSNATIONAL CORPORATION PLC: up 18.39% to N51.50
- LEARN AFRICA PLC: up 16.97% to N5.79
- LINKAGE ASSURANCE PLC: up 16.31% to N1.64
- UNIVERSITY PRESS PLC.: up 15.58% to N4.45
Top losers
On the losing side, SUNU ASSURANCES NIGERIA PLC. led the decline, falling by 36.52%, followed by CAVERTON OFFSHORE SUPPORT GRP PLC and CONSOLIDATED HALLMARK HOLDINGS PLC, which fell by 15.00% and 15.00%, respectively. Other significant decliners included:
- R T BRISCOE PLC.: down 14.33% to N2.57
- JAIZ BANK PLC: down 10.77% to N2.90
- PRESTIGE ASSURANCE PLC: down 10.27% to N1.31
- CORNERSTONE INSURANCE PLC: down 10.11% to N3.91
- EUNISELL INTERLINKED PLC: down 9.96% to N17.35
- ROYAL EXCHANGE PLC.: down 9.92% to N1.09
- SKYWAY AVIATION HANDLING COMPANY PLC: down 9.87% to N30.15
Corporate announcements
Several corporate announcements made waves this week:
- GTCO Plc successfully completed the first phase of its capital raise programme, raising N209 billion.
- UAC of Nigeria Plc announced board changes, including the retirement of Mr. Bolaji Odunsi.
- FBN Holdings outlined steps to protect its shareholders’ interests following reports on an EGM demand.
- Airtel Africa Plc disclosed a transaction involving its own shares.
Outlook
- The Nigerian All-Share Index has crossed the 105,000-mark, maintaining its strong start to the year. This milestone breaks through the 104,500-level last achieved in March 2024.
- The index’s upward momentum could gain further traction, driven by the anticipated release of positive Q4 2024 earnings reports in January and February, and strong investor sentiment around specific stocks.
- However, the rally’s sustainability may hinge on whether the market is perceived as overbought.
