Nigeria’s stock market started last week on a negative note and closed with a bearish tone, despite recording a gain on the final trading day. The NGX ended the week with a 0.94% loss in the All-Share Index. This resulted in a year-to-date of 1.98%.
Consequently, the market capitalisation settled at N65.82tr, while the benchmark NGX All-Share Index stood at 104,962.96 points. Year-to-date, the All-Share Index is left with a 1.98% gain, even as the NGX 30 is up by 2.14%; Banking Index has risen by 1.28%; Pension Index, 3.27%; Insurance Index fell by 4.51%, and the Consumer Goods Index up by 4.52%. However, the Oil and Gas Index recorded a negative return of 7.82%. In terms of market breadth, 32 stocks advanced, while 48 declined.
Neimeth Pharm Weekly Chart
Leading the top gainers chart for the week was Neimeth Pharmaceuticals a company specialising in the manufacturing and marketing of pharmaceuticals and animal health products, rising from N2.49 to N3.00, a 20.48% increase. Linkage Assurance followed, climbing from N1.26 to N1.43, gaining 13.49%. Northern Nigeria Flour Mills moved from N72.55 to N79.80, up 9.99%, while Academy Press advanced from N2.62 to N2.88, reflecting a 9.92% rise. Mutual Benefits Assurance rounded off the top five, increasing from N0.61 to N0.67, a 9.84% gain.
Etranzact Weekly Chart
On the decliners chart, E-Tranzact International a payment technology company specialising in processing various electronic payment transactions through its switching platform, dropping from N6.50 to N4.80, losing 26.15%. Livestock Feeds followed, falling from N10.20 to N8.41, down 17.55%. Red Star Express declined from N5.80 to N4.82, shedding 16.90%, while Universal Insurance slipped from N0.60 to N0.52, a 13.33% drop. Caverton Offshore Support also recorded a decline, decreasing from N3.00 to N2.61, down 13.00%.
Trending in the Economy: Nigeria’s inflation dropped to 23.18% in February from 31.7% a year earlier after the Consumer Price Index rebasing to 2024. Food inflation also declined to 23.51% from January’s 26.08%. This follows December’s 34.80% peak, driven by subsidy removal and naira devaluation. The central bank maintained its key interest rate at 27.5% at the end of its policy meeting in February. As the next MPC meeting is slated for May 19-20 in the face of macroeconomic data looking good on the strength of rebase and base year effect. If the nation 2025 Q1 GDP sustain the growth recorded in 2024, despite it was fragile and the consumer price index continue to slowdown or decline as seen in the first two months of 2025, the possibility of another MPR pause or rate cut of 25 basic points is high. It may like be a pause due to the prevailing global economic uncertainty in the midst of trade war fear and geopolitical tensions. Just as the events unfolding in Niger Delta are concerns for investors especially since state of emergency was declared in Rivers State.
The Bank of Industry (BOI) launched Project GLOW, a N10 billion fund to support women entrepreneurs with loans, training, and business growth assistance. Targeting the 40% of small businesses owned by women, the initiative aims to bridge financial gaps and promote gender equality.
Global Market and Oil: Wall Street closed higher on Friday as the dollar strengthened after President Trump hinted at flexibility on upcoming tariffs. However, economic uncertainty and global tensions kept investors cautious. While major U.S. stock indexes recovered earlier losses, gains were limited due to weakness in key sectors. All three indexes ended the week higher.
Gold fell from record highs but stayed above $3,000 per ounce. The Fed and other central banks took a cautious stance on trade policies, waiting for more clarity on Trump’s planned tariffs set for April 2.
Key U.S. economic reports next week include housing data and the final Q4 GDP reading. The Dow rose 31.88 points (0.08%) to 41,985.20, the S&P 500 gained 4.55 points (0.08%) to 5,667.44, and the Nasdaq added 92.43 points (0.52%) to 17,784.05.
European and global stocks fell slightly, though the STOXX 600 managed a weekly gain. The dollar strengthened, pushing the euro to $1.0816 and the yen to 149.33 per dollar.
U.S. Treasury yields fluctuated as investors weighed tariff concerns. The 10-year yield rose to 4.252%, while the 2-year yield dipped to 3.948%.
Oil prices rose for a second straight week as U.S. sanctions on Iran and OPEC+ output plans pointed to tighter supply. U.S. crude settled at $68.28 per barrel, while Brent reached $72.16. Gold dipped 0.8% to $3,020.10 an ounce but marked its third straight weekly gain.
