March 24, 2025/CSL Research

Equities Market Highlights

• Nigerian Exchange All-Share Index (ASI) declined by 0.97% week-on-week (w/w) to close at 104,962.96 points.
• The market recorded four days of losses and one day of gain, with the Year-to-Date (YTD) return of the index declining to 1.98%.
• Top gainers were NEIMETH (+20.48% w/w), LINKASSURE (+13.49% w/w), NNFM (+9.99% w/w), ACADEMY (+9.92 w/w), and MBENEFIT (+9.84% w/w).
• Top decliners were ETRANZACT (-26.15% w/w), LIVESTOCK (-17.55% w/w), REDSTAREX (-16.90% w/w), UNIVINSURE (-13.33% w/w), CAVERTON (-13.00% w/w).
• On corporate developments, Nigerian Breweries Plc announced the acquisition of the remaining 20% minority stake in Distell Wines and Spirits Nigeria Limited. This follows the initial acquisition of an 80% stake in Distell Wines & Spirits Nigeria Limited and 100% of Heineken Beverages’ import business in Nigeria in 2024.

Fixed Income Market Highlights

• Liquidity conditions remained tight throughout last week, closing at a net shortfall of ₦1.96tn.
• Open Buy Back (OBB) rate held steady at 32.40% and Overnight (O/N) rates inched higher by 0.10% to settle at 32.94%.
• Average NTB yield increased by 15bps w/w to 19.32%, with focus to shift to the NTB Primary Market Auction (PMA) in the new week, where approximately ₦700.00bn will be offered across standard tenors—significantly lower than the ₦1.18tn in maturities.
• Average domestic FGN Bond yield increased by 28bps w/w to 18.75% while average FGN Eurobond yield edged up by 7bps w/w to 9.50%.

Foreign Exchange (FX) Market Highlights

• Naira appreciated by 68bps w/w against the U.S. Dollar, closing at ₦1,536.50/$ at the NFEM window.
• Domestic FX reserves declined by $22.32m WTD to $38.35bn as of March 20, 2025.

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

​​​​​​​​​CSL Nigeria Weekly – 24 March 2025.pdf​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​