Overview of Market Activity
The Nigerian stock market closed positively on January 29, 2025, with the NGX All Share Index (NGXASI) rising by 0.57% to close at 104,549.74 points. This positive performance was largely driven by gains recorded in Energy, Producer Manufacturing, and Finance sectors. The total market volume stood at 417.6 million shares, reflecting improved investor confidence.
Key Economic Indicators
- Inflation Rate: 34.80% (December 2024)
- Monetary Policy Rate (MPR): 27.50%
- Naira to USD Exchange Rate: Closed at 1,533.50
- Treasury Bill Rate (91-Day Tenor): 18%
- Crude Oil Price (Bonny Light): $74.72 per barrel
These macroeconomic factors played a significant role in shaping the performance of the Nigerian stock market.
Top 5 Performers
The five best-performing stocks for the day registered significant price increases, with Aradel Holdings Plc leading the gainers with a 10.00% increase.
| Symbol | Company Name | Sector | Price (NGN) | 1-Day Change (%) |
|---|---|---|---|---|
| ARADEL | Aradel Holdings Plc | Energy Minerals | 594.00 | 10.00 |
| CHELLARAM | Chellarams Plc | Producer Manufacturing | 5.40 | 9.98 |
| STANBIC | Stanbic IBTC Holdings Plc | Finance | 71.45 | 9.92 |
| UPL | University Press Plc | Consumer Services | 5.12 | 9.64 |
| DAARCOMM | Daar Communications Plc | Consumer Services | 0.84 | 9.09 |
Analysis of the Best Performers
- Aradel Holdings Plc (ARADEL): The energy sector continued its bullish momentum as global crude oil prices remained stable at $74.72 per barrel.
- Chellarams Plc (CHELLARAM): Strong earnings report and investor optimism propelled the stock to near 10% gains.
- Stanbic IBTC Holdings Plc (STANBIC): The finance sector experienced renewed investor interest following reports of strong Q4 earnings.
- University Press Plc (UPL) and Daar Communications Plc (DAARCOMM): Positive market sentiment towards consumer services stocks contributed to their notable gains.
Worst 5 Performers
Despite the general market uptrend, some stocks recorded losses, with Caverton Offshore Support Group Plc (CAVERTON) leading the laggards with a 10.00% decline.
| Symbol | Company Name | Sector | Price (NGN) | 1-Day Change (%) |
| CAVERTON | Caverton Offshore Support Group Plc | Transportation | 2.07 | -10.00 |
| MCNICHOLS | McNichols Plc | Process Industries | 1.44 | -10.00 |
| THOMASWY | Thomas Wyatt Plc – Nigeria | Distribution Services | 1.84 | -9.80 |
| VERITASKAP | Unity Kapital Assurance Plc | Finance | 1.29 | -9.79 |
| CONHALLPLC | Consolidated Hallmark Holdings Plc | Finance | 2.73 | -9.00 |
Analysis of the Worst Performers
- Caverton Offshore (CAVERTON): The transport sector has been facing revenue challenges due to rising operational costs and declining demand.
- McNichols Plc (MCNICHOLS): Investors reacted negatively to lower-than-expected earnings in the food processing sector.
- Thomas Wyatt Plc (THOMASWY): Sluggish demand in the distribution services sector contributed to its 9.80% decline.
- Veritas Kapital Assurance Plc (VERITASKAP): Financial stocks saw mixed performances, and Veritas Kapital fell due to profit-taking by investors.
- Consolidated Hallmark Holdings Plc (CONHALLPLC): A downturn in the financial sector affected its performance.
Sectoral Performance
The market was driven by gains in Producer Manufacturing, Energy, Retail Trade, Consumer Services, and Technology Services, while Distribution Services, Electronic Technology, Transportation, Commercial Services, and Finance sectors lagged.
Best Performing Sectors
- Producer Manufacturing – Strong demand and increased investor confidence.
- Energy Minerals – Crude oil price stability supported stock growth.
- Retail Trade – Rising consumer spending drove retail sector growth.
- Consumer Services – Increased investor interest in media and entertainment.
- Technology Services – Tech firms gained amid growing digital transformation initiatives.
Worst Performing Sectors
- Distribution Services – Weak sales and declining investor interest.
- Electronic Technology – Market corrections led to a selloff in the sector.
- Transportation – High operational costs continued to weigh on sector performance.
- Commercial Services – Slow growth in B2B services dragged the sector lower.
- Finance – Profit-taking activities impacted banking and financial services stocks.
Bond Market Performance
The Nigerian bond market remained neutral, with most yields showing stability.
| Bond Name | Last Yield (%) | 1-Week Change (%) | 1-Year Change (%) |
| Nigeria 2-Year | 25.15 | 0.18 | 101.13 |
| Nigeria 3-Year | 24.27 | 9.62 | 95.08 |
| Nigeria 5-Year | 21.57 | 0.00 | 89.21 |
Investors remain bullish on long-term Nigerian bonds as demand for fixed-income securities remains high【14†source】.
Conclusion
The Nigerian stock market displayed resilience on January 29, 2025, closing higher amid bullish sentiment in select sectors. Top gainers such as Aradel Holdings Plc and Stanbic IBTC Holdings Plc showed strong investor interest, while Caverton Offshore Support Group Plc led the decliners. The bond market remained steady, and macroeconomic factors, such as high inflation (34.80%) and rising MPR (27.50%), continued to influence market trends. Investors should watch key sectors like finance and energy for future investment opportunities.
