
January13, 2025/CSL Research
Equities Market Preview & Review
The Nigerian equities market ended the week on a positive note, with the All-Share Index (ASI) advancing by 180 basis points (bps), closing at 105,451.06 points. The market experienced a mixed performance during the week, starting strong, dipping slightly on Tuesday, and rebounding through Wednesday and Thursday. Friday saw a marginal 8bps decline, bringing the Year-to-Date (YTD) return to 2.45%.
Investor sentiment was notably buoyed by strong performances in stocks such as MTNN (+21.00% w/w), FBNH (+8.00% w/w), and HONYFLOUR (+31.67% w/w), which contributed significantly to the positive performance. These gains helped offset losses in stocks like SUNUASSUR (-36.52% w/w), CAVERTON (-15.00% w/w), and RTBRISCOE (-14.33% w/w). Market breadth saw 51 stocks recording gains while 39 stocks posted declines, reflecting a ratio of 1.3x. This was a notable decline from the previous week, which saw 82 gainers versus 18 decliners (3.2x).
Sector performance showed mixed results, with notable declines in key sectors. The Insurance index (NGXINS: -6.91% w/w) dropped markedly, while the Consumer Goods (NGXCNSMRGDS: -0.34% w/w), Oil & Gas (NGXOILGAS: -0.34% w/w), and Industrial Goods (NGXINDUSTR: -0.26% w/w) indices recorded modest declines respectively. Conversely, the Banking index (NGXBNK: +1.94% w/w) stood out, up by 1.94% w/w. The week’s most traded stocks by volume were led by UNIVINSURE, while GEREGU topped the list by value.
In corporate news, GTCO Plc notified the investing public that it successfully raised N209 billion in the first phase of its capital raising initiative.
Looking ahead, the All-Share Index’s positive momentum is expected to persist in the new week, driven by strong investor sentiment and positive earnings expectations for Q4 2024, which should start to trickle into the market from late January into February.
Kindly click on the below link to download the full report.
CSL Nigeria Weekly – 13 January 2025.pdf