February 10, 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 138 basis points (bps) week-on-week (w/w) to close at 105,933.03 points. The market experienced a bullish performance during the week, closing in the green on all trading days to bring the Year-to-Date (YTD) return of the ASI to 2.92%.

Stocks like UPDC (+38.50% w/w), ETERNA (+32.79% w/w), and CADBURY (+27.61% w/w), contributed significantly to the positive performance. These gains helped offset losses in stocks like SUNUASSUR (-12.87% w/w), UPL (-10.00% w/w), and MULTIVERSE (-9.83 w/w). Furthermore, the market breadth (1.71x) for last week saw 58 stocks advance in price while 34 stocks saw prices decline. This was an increase from 1.18x in the preceding week where 52 stocks advanced compared to 44 decliners. In terms of trading activity, ACCESSCORP led by volume, while GEREGU dominated by value.

Sector-wise, the market performance was predominantly bullish. The Consumer Goods index was the lone decliner (NGXCNSMRGDS: -0.60% w/w). The Banking index (NGXBNK: +4.66% w/w) led the advancers followed by the Insurance (NGXINS: +1.61% w/w), Industrial Goods (NGXINDUSTR: +0.85% w/w), and Oil & Gas (NGXOILGAS: +0.56% w/w) indices.

In corporate developments, several companies released their Q4 2024 earnings reports, including Presco Plc, Fidson Healthcare Plc, and Guinea Insurance Plc. Additionally, Fidelity Bank Plc announced the successful completion of its public offer and rights issue, which were oversubscribed by 237.92% and 137.73%, respectively.

The current strong market momentum is expected to continue in the near term, driven by the release of more positive earnings reports