Nigerian stock market nears 122,000 mark as tech & manufacturing sectors drive gains

The Nigerian stock market continued its upward trajectory, with the NGX All-Share Index (ASI) closing at 121,989.67 on Wednesday—a 0.28% gain—edging closer to the 122,000-point threshold.

Key Sector Performances

• Electronic Technology: +8.33% (Top gainer)
• Producer Manufacturing: +7.33%
• Consumer Durables: +4.44%
• Market Breadth: 11 of 20 sectors closed positive
• Decliners: Commercial services, tech services, consumer non-durables, and energy minerals

Large-Cap Stocks & Corporate Debt Activity

Notable Stock Movements

• Unchanged: BUA Foods, MTN Nigeria, Dangote Cement, BUA Cement
• Gainers: Guaranty Trust (GTCO), Zenith Bank, Nigerian Breweries

Corporate Debt Updates

• Champion Breweries: Launched ₦10 billion commercial paper issuance
• Fidson Healthcare: Offering ₦20 billion under its debt program
• Sunbeth Energies: Secured distribution deal with Dangote Petroleum Refinery

Nigeria’s Economic Outlook & Market Risks

Upcoming GDP Data

• Q1 2025 GDP figures expected soon
• Previous quarter (Q4 2024): 3.84% YoY growth (highest since Q4 2021)
• Services sector (52% of GDP): +5.37% (Key driver)

External Risks

• U.S. tariffs on BRICS-aligned nations (including Nigeria) may impact export diversification

Market Forecast: Bullish Sentiment Prevails

Despite global uncertainties, Nigeria’s equity market remains resilient, supported by:

• Strong sectoral performances
• Corporate debt market expansion
• Domestic economic reforms

Analysts expect further upside potential if current trends hold.