February 3, 2025/CSL Research

Equities Market Preview & Review

The Nigerian equities market closed the prior week positive, advancing by 87 basis points (bps) week-on-week (w/w) to settle at 104,496.10 points after recording three days of gains and two days of losses in the week. This infers a 153 bps rise of the All Share Index (ASI) for the month of January 2025 with the Year-to-Date (YTD) return holding at 1.53%.

Stocks like CHELLERAM (+60.44% w/w), VITAFOAM (+31.48% w/w), and BETAGLAS (+20.98% w/w), contributed significantly to the positive performance. These gains helped offset losses in stocks like MRS (-18.96% w/w), NEIMETH (-14.52% w/w), and VERITASKAP (-29.68 w/w). For market breadth, 52 stocks recorded gains while 44 stocks posted declines, reflecting a ratio of 1.18x.

Sector-wise, market performance was predominantly bullish. The Consumer Goods index (NGXCNSMRGDS: +4.01% w/w) led the advancers, followed by the Banking (NGXBNK: +2.54% w/w) and the Oil & Gas (NGXOILGAS: +0.97% w/w) indices. On the other hand, the Insurance (NGXINS: -2.86% w/w), and Industrial Goods indices (NGXINDUSTR: -0.52% w/w) closed the week bearish. In terms of trading activity, NSLTECH led by volume, while ARADEL dominated by value.

In corporate developments, several companies published their earnings releases in the week. Okomu Oil Palm Plc released its unaudited FY 2024 financials with Revenue and Profit After tax (PAT) advancing by 73.4% y/y and 61.9% y/y to ₦130.06bn and ₦34.27bn respectively. UACN’s unaudited FY 2024 release showed Revenue increased by 64.0% y/y to ₦197.61bn while PAT jumped by 90.4% y/y to ₦16.96bn.

The All-Share Index staged an impressive rebound last week, recovering most of the losses from the previous week, and back to the 104,000 points level. Market sentiment remains positive, with expectations that the releases of positive financial results would drive the index beyond the 105,000 points mark yet again.

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Kindly click on the below link to download the full report.

​CSL Nigeria Weekly – 03 February 2025.pdf​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​