This positive sentiment was driven by a surge in corporate earnings reports and anticipation of improved dividend declarations for the 2024 financial year.
Specifically, the market capitalisation of listed equities which closed the month of December 2024 at N62.77 trillion closed in January 2025 at N64.71 trillion on February 31, 2025, representing N1.94 trillion or a three per cent gain.
The all-share index, which measures the performance of listed equities rose by 1,569.72 or 1.5 per cent from 102,926.4 to 104,496.12.
Investors have maintained their optimistic outlook, buoyed by the influx of corporate earnings reports that showcased impressive numbers and raised expectations for attractive dividend payouts.
This positive momentum underscored the resilience of the local bourse, even as global markets navigated shifting trends, particularly with the ongoing surge in artificial intelligence (AI)-driven investments.
The supplementary listings of ordinary shares by Lasaco Assurance Plc and FCMB Group Plc provided additional support, driving a notable increase of N1.06 trillion in investor wealth.
Four of the six major indices recorded positive year-to-date (YTD) performances, underscoring broad-based market strength.
For instance, the banking index was up by 9.8 per cent while the consumer goods index gained 4.47 per cent. The consumer goods index appreciated by 4.5 per cent.
Several stocks emerged as standout performers, recording remarkable price gains. Chellaram emerged as the highest price gainer with a 60.4 per cent surge, followed by Vitafoam, which rose by 31.5 per cent amid strong investor accumulation.
Betaglas and Northern Nigeria Flour Mills advanced by 21 per cent each, while SKYAVN soared by 20.7 per cent, as market participants took strategic positions in anticipation of continued earnings growth.
This performance drove the market’s overall YTD return to 1.53 per cent, reflecting sustained confidence in Nigerian equities.
Reacting to market performance, the Managing Director of Arthur Stephen Asset Management Limited, Olatunde Amolegbe said the 1.5 per cent rise in the all-share index is quite remarkable given that January is typically a slow month for investments since most people are focused on paying bills such as school fees and the like during this period.
He said there was a significant jump in the volume and value traded compared to the previous year.
According to him, the banking and consumer goods stocks enjoyed good patronage within the period probably due to predictions of lower inflation in the coming months while the performance of the oil and gas sector was flat due to stabilising fuel prices.
“Looking forward, I believe the coming months will be interesting as we expect the release of earnings reports and declaration of corporate benefits by various companies. This will be expected to have a significant impact on market performance in February and March,” he said.
Vice President of Highcap Securities Limited, David Adonri, said both the equities and bonds markets appreciated in January 2025.
