January 2025 Monthly Market Update
The Nigerian equities market experienced mixed performance in January 2025. The NGX All Share Index (NGX ASI) started strong, driven by positive sentiment surrounding the Insurance sector's recapitalization, the first since 2005. However, profit-taking in the sector during the second week, caused the stock market to relapse on Its gains (-2.94% WoW). However, the market gained during the third week (+1.22% WoW) and the fourth week (+0.87% WoW) as investors positioned for the earnings season. Overall, the market closed the month on a positive note, gaining 1.53% month-on-month (MoM) and year-to-date (YtD), driven majorly by impressive 2024FY earnings releases.In January 2025, the Nigerian fixed income market witnessed an upward trajectory, characterized by rising prices and falling yields. The secondary Nigerian Treasury Bills (NT-Bills) market was the primary driver of this bullish sentiment, with the average yield declining significantly by 212bps MoM to close the month at 23.43%. Conversely, the FGN bond market concluded on a bearish note, as the average yield increased by 93bps MoM to 20.69%. Overall, the Naira fixed income market concluded on a positive note as the average yield dipped by 59bps MoM to 22.06%.
ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape.
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