The All-Share Index concluded January 2025 on a bullish trajectory, soaring by 1,567.55 points to reach 104,496.12 points at the market’s close on January 31st.
This upward movement signifies a 1.52% increase from the month’s opening figure of 102,928.57 points, fueled by robust rallies in the banking and consumer goods sectors.
Notably, the month witnessed a strong trading volume of 12.6 billion shares, surpassing the 10.8 billion shares traded in December 2024.
Furthermore, market capitalization experienced significant growth, rising from N63 trillion at the start of the month to an impressive N64.7 trillion by month’s end.
Market performance
The Nigerian stock market exhibited a bullish momentum characterized by a surge in mid-cap and select large-cap stocks.
The All-Share Index began the first week of January with optimism; however, it experienced a downturn during the second week ended January 12th, 2025. Fortunately, the subsequent weeks rebounded, closing above the opening price and culminating in a monthly increase to 104,496.12 points.
Key highlights of the month
- The NGX Premium Index achieved a modest monthly gain of 0.17%, buoyed by strong performances from MTN, ZENITH BANK, UBA, FBNH, and ACCESSCORP. This gain was notable despite a significant 17% decline in the heavyweight, DANGOTE CEMENT.
- The NGX 30 Index also gained 1.55%.
Sectorial indices
- The NGX Banking Index recorded an impressive monthly gain of 9.47%, driven by over 10% increases in Wema, FCMB, Fidelity, and Stanbic. Additional gains of more than 5% were observed in the FUGAZ stocks: Zenith Bank, UBA, FBNH, and AccessCorp.
- The NGX Consumer Goods Index rose by 4.31%, with standout monthly gains exceeding 25% for Vitafoam, Northern Nigerian Flour Mills, and Honeywell Flour Mills.
- Conversely, the NGX Insurance Index declined by 9.91%, primarily due to seven insurance stocks experiencing drops of over 15% month-to-date.
- The NGX Industrial Goods Index fell by 8.51%, largely attributed to a more than 17% decline in the heavyweight Dangote Cement, while the NGX Oil and Gas Index slipped by 1.58%.
Top gainers
Leading the charge among gainers was SCOA Nigeria, which climbed by 97.57% month-to-date, followed by CHELLARAM at 76.49%. Other notable gainers included:
- Honeywell Flour Mills: up 52.06%, N9.58
- NCR Nigeria: up 46.00%, N7.30
- University Press: up 45.45%, N5.60
- Trans-Nationwide Express: up 44.93%, N2.00
- Vitafoam: up 38.91%, N31.95
- Northern Nigeria Flour Mills: up 38.04%, N60.60
- The Initiates: up 37.60%, N3.44
- Multiverse: up 36.73%, N10.05
Top losers
On the losers’ table was Sunu Assurances, which declined by 46.51% month-to-date, followed by EUNISELL INTERLINKED at 30.05%. Other losers included:
- MRS: down 25.21%, N162.90
- Veritas Kapital: down 21.01%, N1.09
- Dangote Cement: down 17.71%, N394.00
- Consolidated Hallmark: down 11.30%, N3.06
- Deap Capital Management Trust: down 11.02%, N1.05
- Sovereign Trust Insurance Plc: down 10.71%, N1.00
- Morison Industries: down 9.98%, N3.61
- Julius Berger: down 9.95%, N139.80
Corporate actions
A variety of corporate actions took place in January:
- GTCO PLC announced the successful completion of the first phase of its equity capital raise program, raising N209 billion.
- MTN Nigeria Communications PLC raised N42.20 billion through commercial paper issuance.
- Oando PLC expanded its African upstream portfolio with a successful bid for Block KON 13 in Angola.
- Transcorp Power PLC released its FY24 results in a press statement.
- Guinness Nigeria Plc published its Quarter 2 financial statement for 2025.
- TotalEnergies Marketing Nigeria PLC issued its Q4 unaudited financial statement for the period ending December 31, 2024.
- Airtel Africa PLC released its nine-month results for the period ending December 31, 2024.
- BUA Foods PLC submitted its Q4 unaudited financial statement for the period ending December 31, 2024.
- Oando PLC also released its Q4 unaudited financial statement for the period ending December 31, 2024.
- Presco Plc published its year-end financial statement for 2024.
Market outlook
The All-Share Index is currently riding a strong long-term bullish momentum, as it eyes the 105,000-threshold on the monthly time frame. This upward trajectory follows a successful recovery from a low of 96,580 recorded in August 2024.
- Positive reactions to favorable earnings results from late January and early February could propel the index beyond the 105,000-point mark, signaling a strong market outlook ahead.
