Nigeria’s equities market on Wednesday rose by 0.51 percent or N332billion, recording its third consecutive day of positive close this week.

The record positive at the Lagos Bourse was driven by investors who bought shares of FBN Holdings, Eterna Plc and Cadbury, among other major gainers.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation increased from preceding day’s lows of 104,788.35 points and N64.889 trillion respectively to 105,324.89 points and N65.221 trillion. This year, the market has risen by 2.33 percent, while this month it has increased by 0.79 percent.

FBN Holdings rallied most among major gainers on Wednesday, after its share price moved from N29.30 to N32.10, adding N2.80 or 9.56 percent. Eterna Plc share price also rose from N27.60 to N30.35, adding N2.75 or 9.96percent, while Cadbury went up from N22.10 to N24.30, gaining N2.20 or 9.95 percent.

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“We expect market direction in February to be shaped primarily by investor reactions to the ongoing release of FY’24 financial results. In our view, we believe that some consumer goods counters may see positive momentum, driven by a relatively stronger Q4’2024 performance, supported by Naira stability during the quarter,” CardinalStone research analysts said in their February 5 note.

“We like UACN, Nestle, and Unilever. Additionally, dividend-seeking investors are likely to position ahead of dividend announcements from key dividend-paying stocks like the tier-1 banks, Aradel, and Total amongst others,” the analysts added.

At the close of trading on Wednesday, investors in 14,854 deals exchanged 1,044,847,521 shares valued at N28.446billion. Access Holdings, FBN Holdings, UACN, Zenith Bank, and AIICO were most traded stocks on the NGX.

Also, Coronation research analysts said in their February 4 note that, “We anticipate that the ongoing release of FY’24 earnings reports will keep influencing market sentiment. Therefore, we will keep watching the market for exciting entry opportunities”.

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By Iheanyi Nwachukwu • February 6, 2025

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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