February 17, 2025/CSL Research
The Nigerian equities market ended the week on a positive note, with the All-Share Index (ASI) rising by 200 basis points (bps) week-on-week (w/w) to close at 108,053.50 points. The market maintained a largely bullish trend, recording three days of gains and two days of losses. As a result, the index’s Year-to-Date (YTD) return improved to 4.98%.
Stocks like HONYFLOUR (+47.06% w/w), UPDC (+45.95% w/w), and SUNUASSUR (+27.94% w/w), contributed significantly to the positive performance. These gains helped offset losses in stocks like DAARCOMM (-13.58% w/w), INTENEGINS (-10.80% w/w), and BUAFOODS (-10.00 w/w). Also, last week saw 65 stocks advance in price, which is an increase from 58 stocks in the preceding week while 31 stocks experienced price declines compared to 34 in the prior week. In terms of trading activities, STERLINGNG led by volume, while ZENITHBANK dominated by value.
Sector-wise, the Consumer Goods index (NGXCNSMRGDS) led the decliners, dropping 3.63% w/w, followed by the Oil & Gas index (NGXOILGAS) at -2.30% w/w and the Banking index (NGXBNK) at -0.24% w/w. On the other hand, the Industrial Goods index (NGXINDUSTR) surged by 10.36% w/w, while the Insurance index (NGXINS) gained 2.52% w/w, making them the week’s top performers.
In corporate developments, Nigerian Breweries Plc. issued its audited FY 2024 financial statement with Revenue up by 80.8% y/y to ₦1.08 trillion while Loss After Tax in the period increased by 36.4% y/y to ₦144.99bn. Also, PZ Cussons Nigeria Plc. notified the exchange of an extra-ordinary general meeting for 13 March 2025 where it intends to have its shareholders vote in support of a debt-to-equity conversion ofcUS$34,264,544 of its outstanding inter-company loan owed to PZ Cussons (Holdings) Limited.
The All-Share Index is expected to sustain the current strong momentum, possibly breaking the psychologicalcbarrier of 110,000 points in the near term as positive sentiments on more earnings releases further drive market performance.
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CSL Nigeria Weekly – 17 February 2025.pdf
