Here’re NGX major laggards this year

Nigeria’s stock market has risen 3.20 percent in 2025, but the market would have shown more positives if not for the performance of some laggards this year.

Specifically, insurance and oil & gas stocks have remained under pressure so far, leading the league of major draggers this year on the Nigerian Bourse.

Trading data as at March 13 showed 10 major laggards at the Nigerian Exchange Limited (NGX). They are: Sunu Assurances, Eunisell Interlinked, Learn Africa, Veritas Kapital, Oando, Julius Berger, MRS, Conoil, Academy Press and Aradel.

These stocks have decreased this year by over 10 percent. With no major catalysts in sight, analysts expect cautious sessions ahead, with mixed trading and profit-taking on recent gainers.

Read also: Stocks shed N48bn as cautious trading persists on NGX

Sunu Assurances (-54.42%)

This stock has decreased this year by 54.42 percent, according to March 13 trading data when it closed at N4.90. Sunu had reached a 52-week high of N11.65. Listed under the Insurance Carriers Brokers subsector of the NGX financial services sector, the company has outstanding shares of 5.810 billion units.

The principal activities of Sunu Assurances Nigeria Plc and its subsidiaries are mainly the provision of non-life insurance, health management, assets management and hospitality services.

Sunu Assurances Nigeria Plc’s unaudited interim financial statements as of December 31, 2024, showed its profit for the period printed at N3.665 billion, higher than N2.678billion in 2023. Sunu’s Insurance revenue increased to N15.353billion in 2024, from N9.868billion in 2023.

Formerly Equity Assurance Plc, Sunu Assurances Nigeria Plc emerged as a result of the merger between Equity Indemnity Insurance Limited and First Assurance Plc. In the scheme of the merger arrangement, First Assurance Plc acquired the net assets of Equity Indemnity Insurance Limited and subsequently changed its name to Equity Assurance Plc.

Eunisell Interlinked (-44.21%)

The share price of this company has decreased this year by 44.21 percent, according to NGX trading data. The stock had reached a 52-week high of N19.27 and a 52-week low of N2.61. The stock closed at N10.75 on March 13.

The principal activities of the company are the development, installation, commissioning, sales and marketing of high, medium and low voltage electrical equipments, umbilical, telecommunications and cable accessories, fibre optics accessories and all forms of cable closures, sales and installation of transformers, sales of mechanical bearings and pumps.

The company also undertakes Engineering, Procurement and Construction (EPC) services for clients around the country. The company is also involved in power generation installations. Eunisell Interlinked has shares outstanding of 236.699 million units.

In its unaudited accounts for the period ended December 31, 2024, the company’s six months revenue grew to N974.322 million from N91.811 million in H1 ‘2023, up 961 percent. Its profit increased to N267.724 million from a loss of N12.963 million in H1’23, representing a 2,165 percent increase.

Learn Africa (-25.56%)

At N3.35 percent share, Learn Africa’s share price has decreased by 25.56 percent year-to-date (YtD). The company’s current share price nears its 52-week low of N2.67 per share as against its 52-week high of N5.79. Learn Africa, which has 867.881 million outstanding shares, is listed under the NGX printing/publishing subsector of the services sector. Learn Africa Plc quarter three unaudited financial statement (April 1, 2024 to December 31, 2024), shows its revenue decreased to N3.347 billion from N4.923 billion in the same period of 2023. Also, the company’s profit for the period decreased to N571.122 million, from a high of N794.052 billion in the same period of 2023.

Other major laggards

In addition to the aforementioned companies, other major laggards on NGX this year and their record rate of decline are Veritas Kapital (-21.01percent), Oando (-19.70 percent), Julius Berger (-18.65percent), MRS (-18.27 percent), and Conoil (-14.46percent). Also, Academy Press made the list of NGX major decliners this year with a dip by 12.67percent, while share price of newly listed Aradel Holdings is down this year by 10.54 percent.