The Nigerian equities market ended the week in negative territory, with the All-Share index shedding 681.75 points to settle at 109,028.62 as of Friday, 23rd May 2025.
This marks a 0.62% decline from the previous week’s close of 109,710.37, fueled by sell-offs in the premium board, oil & gas, and banking stocks.
Despite the dip in prices, the market held steady just above the 109,000 level, while trading activity gathered momentum, as total weekly volume soared 16.34% to 3.03 billion shares.
However, market capitalization took a hit, slipping to N68.7 trillion from N68.9 trillion the week before.
- In terms of market breadth, 52 equities recorded price gains during the week, down from 61 in the previous session.
- On the flip side, 41 equities closed lower—an increase from the 31 that declined in the prior week.
Market Overview
The Nigerian stock market saw a mixed performance during the week, with the All-Share Index (ASI) experiencing modest price action early on.
- On Monday, the index slipped slightly by 12.55 points, before edging into positive territory on Tuesday with a mild gain of 32.64 points.
- However, pronounced declines set in midweek. Selling pressure intensified on Wednesday and Thursday, dragging the index below the 109,500 mark.
- Although Friday’s loss was marginal, the ASI still ended the week in the red.
Key highlights
- NGX Premium Index dropped by 1.15%, weighed down by an 8% decline in ACCESS HOLDINGS and sub-3% losses in MTN NIGERIA, ZENITH BANK, and UBA.
- NGX 30 Index also closed lower, slipping 0.50%, while the NGX Main Board Index declined by 0.35%.
Sector performance
- NGX Oil & Gas Index recorded the sharpest sector loss, falling 3.44%, driven by a 6.7% slump in OANDO and a 2.1% dip in heavyweight ARADEL.
- Additionally, NGX Banking Index declined by 1.52%, dragged down by a 10% drop in FIDELITY BANK, an 8% fall in ACCESS HOLDINGS, and minor losses in UBA and ZENITH BANK.
On the upside, the NGX Consumer Goods Index posted a 2.18% gain, powered by a strong 19.5% rally in NESTLÉ NIGERIA.
- NGX Insurance Index rose by 0.73%, while the NGX Industrial Goods Index edged up 0.72%.
Top gainers
Leading the charge among gainers was CUTIX, which climbed 21.92% week-to-date, followed by CUSTODIAN INVESTMENT PLC at 21.45%. Other notable gainers included:
- Red Star Express Plc: up 20.90%, N6.71
- John Holt Plc: up 20.63%, N7.60
- Eunisell Interlinked: up 20.47%, N12.95
- Nestlé Nigeria Plc: up 19.50%, N1,590.50
- Regency Assurance Plc: up 18.18%, N0.65
- Linkage Assurance Plc: up 17.60%, N1.47
- Tantalizers Plc: up 17.39%, N2.70
- eTranzact International Plc: up 15.25%, N6.80
Top losers
On the losers’ table, NEIMETH INTERNATIONAL PHARMACEUTICALS PLC led the decline with a 17.03% drop week-to-date, followed by ASSOCIATED BUS COMPANY PLC at 15.59%. Other notable losers included:
- Transcorp Hotels Plc: down 15.03%, N138.50
- NPF Microfinance Bank Plc: down 12.79%, N2.25
- FTN Cocoa Processors Plc: down 11.97%, N2.28
- Fidelity Bank Plc: down 10.34%, N18.65
- Chellarams Plc: down 9.96%, N11.75
- Caverton Offshore Support Group Plc: down 9.52%, N3.80
- Legend Internet Plc: down 9.52%, N7.60
- Learn Africa Plc: down 8.86%, N4.01
Corporate actions overview
This week, the corporate landscape was vibrant with several key announcements that captured investor attention:
- Fidelity Bank Plc clarified its position on a recent court judgment.
- Linkage Assurance Plc released its Q1 financial statements.
- Champion Breweries Plc passed key resolutions at its Annual General Meeting (AGM).
- Seplat Energy Plc announced the exchange rate applicable to its Q1 dividend.
- FirstHold Plc disclosed resolutions passed at its AGM.
- Berger Paints Nigeria Plc also announced resolutions passed at its AGM.
Market outlook
After reaching a peak above the 109,500 mark, the All-Share Index seems to be pulling back slightly as investors likely consider more attractive entry points in stocks that have been steadily climbing.
However, a renewed wave of buying interest in large and mid-cap stocks could fuel further upward momentum, potentially driving the index even higher in the coming sessions.
