The Nigerian stock market, tracked by the All-Share Index, concluded the trading week ending January 24, 2025, with a commendable performance, gaining 1,244.62 points to settle at 103,598.30.
This marks a notable increase of 1.22% compared to the prior week, when the index closed at 102,353.68 points, reflecting a decline.
Despite this upward trend, overall market activity experienced a slight downturn, as weekly trading volume decreased by 3.78%, falling from 2.2 billion shares to 2.1 billion shares exchanged.
Conversely, market capitalization saw an increase, rising to N63.6 trillion from N62.8 trillion in the previous week, mirroring the bullish price action.
Notably, 44 equities recorded price appreciation during this week, surpassing the 33 equities that gained the prior week.
On the other hand, 44 equities experienced depreciation, a decrease from the 57 equities that fell in value the week before, while 64 equities maintained their prices without change.
Market performance
The Nigerian stock market demonstrated bullish momentum, with market capitalization increasing from N62.8 trillion to N63.6 trillion, reflecting the positive price action throughout the week.
The All-Share Index commenced on a strong note, finishing Monday in the green. This bullish momentum peaked on Tuesday, although subsequent days—Wednesday and Thursday—experienced a pullback.
Fortunately, Friday saw a significant recovery, with the market surging strongly back into positive territory.
Key highlights of the week
- The NGX Premium Index experienced a strong rally of 2.56%, driven by gains exceeding 5% in major players such as UBA, MTNN, ZENITHBANK, and ACCESSCORP.
- The NGX 30 Index rose by 1.58%, while the NGX Main Board Index also recorded a modest increase of 0.54%.
Sectoral performance
- Leading the week’s gains, the NGX Banking Index surged by 4.09%, buoyed by impressive performances from FIDELITY BANK, UBA, ZENITH BANK, and ACCESS HOLDINGS, each contributing over 4.5% gains.
- The NGX Industrial Goods Index saw a slight uptick of 0.12%, driven by minor gains in WAPCO.
- Conversely, the NGX Insurance Index faced a decline of 1.20%, amid significant drops of over 14% in SUNU ASSURANCES NIGERIA PLC and CORNERSTONE INSURANCE PLC.
- The NGX Consumer Goods and NGX Oil and Gas sectors also experienced declines, falling by 1.20% and 0.93%, respectively.
Top gainers
Leading the pack of gainers, SCOA NIG. PLC surged by 59.68%, followed by UPDC PLC, which rose by 19.05%. Other notable gainers included:
- CORONATION INSURANCE PLC: up 15.32% to N2.56
- ROYAL EXCHANGE PLC: up 14.61% to N1.02
- DAAR COMMUNICATIONS PLC: up 13.51% to N0.84
- UNIVERSAL INSURANCE PLC: up 11.11% to N0.70
- TRANSNATIONAL CORPORATION PLC: up 10.76% to N52.00
- GUINNESS NIG PLC: up 10.00% to N77.00
- CHELLARAMS PLC: up 10.00% to N4.07
- CAP PLC: up 8.52% to N47.75
Top losers
On the losing side, SUNU Assurances Nigeria PLC led the decline, falling by 25.11%, followed by EUNISELL INTERLINKED PLC and JOHN HOLT PLC, which fell by 18.95% and 18.47%, respectively. Other significant decliners included:
- ABBEY MORTGAGE BANK PLC: down 14.60% to N3.10
- CORNERSTONE INSURANCE PLC: down 14.29% to N3.48
- IKEJA HOTEL PLC: down 13.33% to N11.70
- HONEYWELL FLOUR MILL PLC: down 11.11% to N8.80
- MORISON INDUSTRIES PLC: down 9.98% to N3.61
- MULTIVERSE MINING AND EXPLORATION PLC: down 9.87% to N10.05
- NEIMETH INTERNATIONAL PHARMACEUTICALS PLC: down 9.62% to N3.10
Corporate announcements
This week, the corporate landscape was vibrant with significant announcements that captured investor attention:
- MTN Nigeria obtained approval from the Nigerian Communications Commission (NCC) for the renewal and harmonization of its 800MHz spectrum licenses.
- DEAP Capital released its unaudited financial statements for the nine months ended June 30, 2024.
- EUNISELL INTERLINKED PLC disclosed its financial results for the second quarter of 2025.
- OANDO PLC successfully bid for Block KON 13 in Angola, expanding its African upstream portfolio.
- TRANSCORP POWER PLC published its audited financial statements for the year ended December 31, 2024.
- GUINNESS NIG PLC shared its financial results for the second quarter of 2025.
- JAPAUL GOLD AND VENTURES PLC announced its unaudited financial statements for the fourth quarter ending December 31, 2024.
Market outlook
- All-Share rebounded impressively, recovering most of the losses sustained in the previous week as it approached the 103,000-threshold, following a dip to 102,353.
- The market anticipates positive reactions as a wave of financial results expected in late January and early February might propel the index to surpass the 105,000-mark once again.
