Week ended March 14, 2025
Nigerian Stock Market Note
Akintunde Oyedokun
The market started on a strong note but ended on a bearish tone, with. the final trading day seeing a decline. The market ended the week with a 0.25% decline in the All-Share Index. This resulted in a year-to-date return of 2.94% . Consequently, the market capitalisation settled at N66.352 trillion, and the All- Share Index stood at 105, 955.13 points. Year-to-date, the All-Share Index has gained 2.94%, the NGX 30 is up by 3.02%, the Banking Index has risen by 3.93% , the Pension Index by 4.39%, the Insurance Index decline by 1.69%, and the consumer Goods Index has increased by 4.45%. However, the Oil and Gas Index recorded a negative return of 6.81%. In terms of market breadth, 38 stocks advance, while 46 declined.
Leading the top gainers chart is Livestock Feeds Plc a pioneer in the production of animal feed in Nigeria, rising 22.16% from N8.35 to N10.20. Caverton Offshore Support Group Plc followed, gaining 15.38% to close at N3.00 from N2.60. FTN Cocoa Processors Plc appreciated by 14.20%, moving from N1.62 to N1.85. CWG Plc advanced 13.21%, closing at N9.00 from N7.95, while Tantalizers Plc gained 13.13%, rising from N2.59 to N2.93.
On the decliners chart is Neimeth International Pharmaceuticals Plc a publicly listed Nigerian company specialising in the manufacturing and marketing of pharmaceuticals, animal health products and general health care products, dropping 17.00% from N3.00 to N2.49. Mecure Industries Plc declined 10.36%, closing at N11.25 from N12.55. International Energy Insurance Plc lost 10.26%, falling from N1.95 to N1.75. University Press Plc decreased 10.00%, closing at N4.32 from N4.80, while Conoil Plc also shed 10.00%, dropping from N368.00 to N331.20 per share.
Trending in the Economy: Nigeria’s lower house passed four tax reform bills on Thursday. The changes include raising VAT to 12.5% by 2026, exempting minimum wage earners from income tax, and capping VAT for high-revenue states at 30%.
The bills also replace the petroleum profit tax with a 30% corporate tax and increase the tax threshold for businesses to 50 billion naira ($32.66 million).
The bills will be reviewed by the upper house next week before taking effect.
Global Market and Oil: U.S. stocks ended the week higher, following European markets, despite trade war concerns. The Dow rose 674.62 points (1.65%) to 41,488.19, the S&P 500 gained 117.42 points (2.13%) to 5,638.94, and the Nasdaq jumped 451.07 points (2.61%) to 17,754.09. The MSCI World Index climbed 14.73 points (1.79%) to 836.32, while the pan-European STOXX 600 rose 1.14%.
Gold briefly hit $3,000 before settling at $2,982.72, while U.S. and German bond yields climbed. The euro strengthened on German economic optimism, and Brent crude rose $0.70 (1%) to $70.58, while WTI crude gained $0.63 (1%) to $67.18.
Investors remain cautious as tariffs weigh on sentiment, but technical factors fueled a relief rally in equities.
