NGX Sustains Recovery On Healthy Earnings Inflow Amid Potential Trade Talk, Buying Sentiment

Editor
May 3, 2025
11:07 pm

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The Nigerian Exchange opened for only four trading days last week, as the Federal Government declared Thursday, May 1, 2025 a public holiday to mark World Labour o Workers’ Day. During the week in review, the benchmark NGX All-Share index recorded two days each of up ad down market, on the back of less than average traded volume.

NGXASI Weekly Chart (Opening chart)

Despite starting out on a positive note, the market closed the week on a bullish trend, resulting to a 0.23% increase in the All- Share Index and a Year-to-date return of 3.03%, as the composite Index broke out the psychological of line 106,000 again to close at 106,042.57 basis points. Year-to-date gain inched up for the period, while other indexes like, NGX 30 grew by 3.30%. The banking sector Index has risen by 3.76% YTD, the Pension Index increased by 9.65%, while the Insurance Index fell by 9.42%, the Consumer Goods Index increased by 18.14%. However, the Oil and Gas Index recorded a negative return of 13.32%. In terms of market breadth, 52 stocks advanced, while 37 declined. . On its part, market capitalisation settled at N66.648tr.

ABC Transport Weekly Chart

Leading the top gainers chart was Associated Bus Company Plc, a Nigerian company primarily engaged in providing transportation services. Its share price grew from N1.56 each to N2.26 (+44.87%), followed by newly listed Legend Internet Plc who’s share price opened at N6.82 and closed N9.03 each (+32.40%). The shares of Fidson Healthcare Plc grew from N18.60 to N22.85 (+22.85%); University Press Plc, from N3.40 to N4.11 (+20.88%); and Nigerian Aviation Handling Company Plc, from N68.65 to N82.50 (+20.17%).

ETI Weekly Chart

On the decliners chart, Ecobank Transnational Incorporated, the parent company of the Ecobank Group, a leading independent pan- African financial services powerhouse took the lead, after its share price tumbled from N32.00 to N26.00 (-18.75%); Multiverse Mining and Exploration Plc dropped from N7.80 to N6.35 (-18.59%); Livestock Feeds Plc, from N9.50 to N8.49 (-10.63%); Aradel Holdings Plc, from N497.00 to N448.00 (-9.86%); and Tripple Gee and Company Plc, from N1.98 to N1.79 (-9.60%).

Trending in the Economy: Nigeria’s non-oil exports rose to $1.79bn in Q1 2025, up 24.75% year-on-year. Volume grew 243% to 2.42 million metric tonnes, led by cocoa (45%), fertiliser, cashew, and sesame. Exports to ECOWAS surged 223%, reflecting stronger regional trade under NEPC’s diversification drive.

Box office earnings hit N3.48 billion, a 54.7% rise from 2024 and 132% from 2023. Attendance grew 10.9% to 661,801, boosted by local films and global hits like Mufasa and Moana 2. Strong releases and over 100 cinemas point to continued growth.

Global Market and Oil: Global stocks rallied on Friday as strong U.S. jobs data and signs of easing U.S.-China trade tensions boosted investor confidence. The S&P 500 rose 1.47% to 5,686.67, marking its ninth straight gain. The Dow climbed 1.39% to 41,317.43, and the Nasdaq added 1.51% to 17,977.73, led by financials, transports, and chip stocks.

Better-than-expected job growth and soft wage inflation lifted U.S. Treasury yields, while China’s willingness to consider tariff talks helped calm trade fears. Despite this, Apple fell 3.78% to $205.35 and Amazon slipped 0.13% to $189.98 on weak forecasts. GM gained 0.43% to $45.30, and American Airlines rose 5% to $10.52.

European stocks also surged with the STOXX 600 up 1.67% and the FTSEurofirst 300 up 1.75%. Global and emerging market indexes rose 1.58% and 2.14% respectively. In Asia, Japan’s Nikkei gained 1.04%, and MSCI’s Asia-Pacific index climbed 2.44%.

Oil prices fell sharply, with Brent at $61.45 and WTI at $58.41, marking the steepest weekly loss since March due to rising supply concerns and impact of OPEC production hike.

Sectorial Indexes Weekly Charts

NGX Banking Index Weekly Chart