The Nigerian stock market ended January on a positive note, with the All-Share Index (ASI) increasing by 1,567.55 points to close at 104,496.12 points on January 31, 2025. This represents a 1.52% gain from the opening figure of 102,928.57 points. The market was driven by strong performances in the banking and consumer goods sectors.
Market capitalisation grows by N1.7 trillion
Market capitalisation rose from N63 trillion at the beginning of January to N64.7 trillion by the end of the month. The trading volume for January stood at 12.6 billion shares, surpassing the 10.8 billion shares recorded in December 2024.
Market performance trends
The Nigerian stock market opened January on a strong note but experienced a downturn in the second week before rebounding. The ASI ultimately closed above the opening price, maintaining an upward trajectory throughout the month.
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Sector performance
The banking and consumer goods sectors led the gains, while insurance and industrial goods recorded declines.
NGX Banking Index: Up 9.47%, with over 10% gains in Wema, FCMB, Fidelity, and Stanbic. Stocks under FUGAZ, including Zenith Bank, UBA, FBNH, and AccessCorp, saw over 5% gains.
NGX Consumer Goods Index: Up 4.31%, driven by gains exceeding 25% in Vitafoam, Northern Nigeria Flour Mills, and Honeywell Flour Mills.
NGX Insurance Index: Down 9.91%, with seven insurance stocks losing over 15% month-to-date.
NGX Industrial Goods Index: Down 8.51%, largely due to a 17% decline in Dangote Cement.
NGX Oil and Gas Index: Down 1.58%.
Top gainers and losers
SCOA Nigeria led the top gainers with a 97.57% increase, followed by CHELLARAM at 76.49%. Honeywell Flour Mills rose by 52.06% to N9.58, while NCR Nigeria gained 46.00% to N7.30. University Press recorded a 45.45% rise to N5.60, and Trans-Nationwide Express advanced by 44.93% to N2.00. Vitafoam increased by 38.91% to N31.95, Northern Nigeria Flour Mills climbed 38.04% to N60.60, The Initiates rose by 37.60% to N3.44, and Multiverse gained 36.73% to N10.05.
On the losing side, Sunu Assurances recorded the highest decline at 46.51%, followed by EUNISELL INTERLINKED at 30.05%. MRS fell by 25.21% to N162.90, while Veritas Kapital dropped 21.01% to N1.09. Dangote Cement declined by 17.71% to N394.00, and Consolidated Hallmark lost 11.30% to N3.06. Deap Capital Management Trust fell by 11.02% to N1.05, Sovereign Trust Insurance Plc declined by 10.71% to N1.00, Morison Industries dropped 9.98% to N3.61, and Julius Berger lost 9.95% to N139.80.
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GTCO PLC raised N209 billion in the first phase of its equity capital raise program, while MTN Nigeria Communications PLC secured N42.20 billion through commercial paper issuance. Oando PLC expanded its upstream portfolio with a bid for Block KON 13 in Angola. Several companies, including Transcorp Power PLC, Guinness Nigeria Plc, TotalEnergies Marketing Nigeria PLC, Airtel Africa PLC, BUA Foods PLC, and Oando PLC, released their financial results for the latest periods, while Presco Plc published its year-end financial statement for 2024.
The All-Share Index is on a long-term bullish trend, aiming for the 105,000 mark. The market’s momentum follows a rebound from the August 2024 low of 96,580 points. Positive earnings results expected in early February could push the index higher, sustaining the upward movement in the near term.
