The Nigerian All-Share Index fell by 583.47 points to close at 105,955.13 in the second week of March 2025, despite slight gains in the insurance and consumer goods sectors.
This marks the third consecutive week of decline, reflecting a 0.55% decrease from its opening value of 106,538.60 as the index fell below the 106,000 mark.
Weekly trading volume surged to 3.2 billion shares, an impressive increase of 80.45% from the 1.8 billion shares traded the previous week.
However, market capitalization fell, slipping from N66.7 trillion at the week’s start to N66.3 trillion, as the index clung to the N66 trillion threshold.
During the week, thirty-eight equities appreciated in price, an increase from thirty in the previous week, while forty-six equities depreciated, marking a decrease from fifty-eight the prior week.
Market overview
The Nigerian stock market faced a decline over the past week, with the oil and gas, industrial goods, and banking sectors all ending in the red.
The All-Share Index saw a downturn on Monday that intensified on Tuesday, with Wednesday also closing slightly lower. Although the index staged a recovery on Thursday, it ultimately declined again on Friday, slipping below the 106,000 threshold.
Key highlights of the week
The NGX Premium Index decreased by 1.45%, driven down by losses in MTN, UBA, and FIRSTHOLD, with each falling by more than 2%. Meanwhile, WAPCO and ACCESSCORP experienced minimal declines.
- The NGX 30 Index fell by 0.43%, while the NGX Main Board Index decreased by 0.04%.
Sectoral indices
- The NGX Insurance Index registered a gain of 0.89%, largely due to a rise of over 10% in CORNERSTONE INSURANCE.
- Similarly, the NGX Consumer Goods Index recorded a slight increase of 0.03%.
- In contrast, the NGX Oil and Gas Index slipped by 1.15%, impacted by declines in CONOIL and TOTAL.
- The NGX Banking Index fell by 0.45%, impacted by over 2% declines in JAIZ BANK, UBA, and FIRSTHOLD, along with minor decreases in ACCESSCORP.
- Additionally, the Industrial Goods Index also dropped by 0.21%.
Top Gainers
Leading the charge among gainers was LIVESTOCK FEEDS PLC, which climbed by 22.16% week-to-date, followed by CAVERTON OFFSHORE SUPPORT GROUP PLC at 15.38%. Other notable gainers included:
- FTN Cocoa Processors Plc: up 14.20%, N1.85
- CWG Plc: up 13.21%, N9.00
- Tantalizers Plc: up 13.13%, N2.93
- Royal Exchange Plc: up 12.82%, N0.88
- Eterna Plc: up 11.27%, N38.00
- Cornerstone Insurance Plc: up 10.41%, N3.50
- UPDC Real Estate Investment Trust: up 10.71%, N6.50
- May & Baker Nigeria Plc: up 9.43%, N8.70
Top Losers
On the losers’ table was NEIMETH INTERNATIONAL PHARMACEUTICALS PLC, which declined by 17.00% week-to-date, followed by MECURE INDUSTRIES PLC at 10.36%. Other notable losers included:
- International Energy Insurance Plc: down 10.26%, N1.75
- University Press Plc: down 10.00%, N4.32
- Conoil Plc: down 10.00%, N331.20
- VFD Group Plc: down 9.92%, N47.20
- Berger Paints Plc: down 9.81%, N18.85
- Academy Press Plc: down 9.66%, N2.62
- Cadbury Nigeria Plc: down 8.00%, N23.00
- Omatek Ventures Plc: down 7.89%, N0.70
Corporate actions overview
This week featured several noteworthy corporate announcements.
- Seplat Energy Plc made a tender offer for senior notes due 2030.
- Oando was selected as the preferred bidder for the lease of Guaracara Refinery in Trinidad & Tobago.
- United Capital Plc proposed a final dividend for the period ended 31 December 2024.
- Seplat announced the purchase of 50,000 ordinary shares by CEO Roger Brown.
- Aradel completed the acquisition of Shell Petroleum Development Company of Nigeria (SPDC).
Market outlook
The All-Share Index appears to be entering a retracement phase, having dipped below the 106,000 threshold.
- Nonetheless, the increase in trading volume observed during the second week of March indicates a rise in market participation.
Given the increased market activity and if the market is not overbought, a rally could be expected in the coming weeks.
