Emmanuel Ochayi
Nigeria’s equity market continued its upward movement on Thursday, gaining 0.19% or N348 billion, as stocks like Northern Nigeria Flour Mills (NNFM), Skyway Aviation Handling Company Plc, Honeywell Flour Mills, Chellaram, and Red Star Express recorded strong gains. The market has now risen by 1.11% this week.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) moved up from 104,549.74 points to 104,744.43 points, while the equity market capitalization increased from N64.520 trillion to N64.868 trillion. The year-to-date (YtD) return rose to 1.77%.
Join our WhatsApp ChannelNNFM, Aviation, and Flour Mills Stocks Surge
Key stocks that drove the equity market higher included NNFM, which rose from N50.10 to N55.10, adding N5 or 9.98%. Skyway Aviation Handling Company Plc also recorded a significant rise from N36.40 to N40, gaining N3.60 or 9.89%.
Honeywell Flour Mills saw a 10% increase, moving from N8.50 to N9.35. Chellaram also gained 10%, increasing from N5.40 to N5.94, while Red Star Express climbed from N4.55 to N5, adding 9.89%.
A stock trader, Adekunle Olawale, said, “The market is responding positively to strong earnings reports and investor confidence in these sectors. Investors are moving towards stocks with strong fundamentals and promising returns.”
Active Trading in Banking and Insurance Stocks
The equity market also saw active trading in shares of FBN Holdings, Veritas Kapital, Universal Insurance, Fidelity Bank, and FCMB Group. Investors exchanged 497,363,256 shares worth N11.841 billion in 13,716 deals.
An investment analyst, Uche Okoro, said, “We are seeing renewed interest in the banking sector as investors position themselves for future growth. This level of activity suggests that confidence in the market remains strong.”
READ ALSO: Nigeria’s Equity Market Gains 0.57% As Investors Drive Growth
Geregu Power Declares N8.50 Dividend
Geregu Power announced a final dividend of N8.50 per ordinary share for the year ended December 31, 2024. The dividend is subject to appropriate withholding tax and approval. It will be paid to shareholders whose names appear in the Register of Members by the close of business on March 13, 2025.
A shareholder, Musa Ibrahim, reacted to the news: “This dividend is a positive development for investors in Geregu Power. It shows the company’s commitment to rewarding shareholders and maintaining financial stability.”
Market Outlook
Analysts believe the equity market will continue to experience fluctuations as investors react to corporate earnings and economic indicators. The recent rise in key stocks suggests that investor confidence is gradually improving.
Financial expert, Chika Eze, said, “The market’s performance reflects a mix of optimism and caution. While we expect some volatility, the overall outlook remains positive, especially for sectors like aviation, flour mills, and banking.”
As investors watch the market closely, all eyes will be on upcoming corporate earnings and economic policies that could shape future performance.
