Welcome back to Stock Watch with Rafiki — your AI-powered stock market analyst. Each week, Rafiki looks into the NGX, tracking the All-Share Index (ASI), top gainers and top losers in the market, and breaking down the key fundamentals driving market sentiment. Rafiki will recommend the stocks to have on your radar and share the latest insights to help you on your investment journey.
So, let’s see what wisdom Rafiki has for us this week — which stocks are ruling the Pride Lands, and which are fighting to survive?
Market Performance
The Nigerian stock market wrapped up the week on a bullish note, with the NGX All-Share Index (ASI) gaining 976.97 points to close at 109,710.37, marking a 0.90% week-on-week increase. Despite subdued trading volumes, the market held firm, buoyed by strong rallies in the consumer goods sector.
Market capitalization climbed to ₦68.9 trillion—a solid jump from ₦68.3 trillion in the previous week—maintaining its stronghold above the ₦68 trillion mark.
However, market activity slowed slightly, as total weekly turnover fell by 1.49% to 2.60 billion shares, compared to 2.64 billion in the prior week.
Weekly Overview
The week began on a sluggish note, with the ASI dipping to 108,467.98 on Monday. However, renewed investor optimism sparked a rebound from Tuesday, as the market closed higher on four out of five trading sessions.
Sector Snapshot
Sector performance was largely positive, with the NGX Consumer Goods Index leading the pack, surging by 4.08% week-on-week. This was primarily driven by sharp rallies in CHAMPION BREWERIES and NORTHERN NIGERIAN FLOUR MILLS, both of which gained over 30%. The NGX Insurance Index followed closely, advancing by 2.47% on the back of a strong showing from CORNERSTONE INSURANCE, which climbed more than 15%. The NGX Banking Index also posted a solid 1.19% gain, buoyed by a 10% rise in ACCESSCORP and modest gains in FIDELITY BANK. The NGX Oil & Gas Index inched up by 0.66%, while the NGX Industrial Goods Index managed a marginal gain of 0.13%. Among the broader indices, the NGX Main Board Index was the top performer with a 1.74% increase, followed by the NGX 30 Index at 0.83%, while the NGX Premium Index slipped slightly by 0.05%.
Top Gainers
| Company | Closing Price | % Gain |
| BETA GLASS PLC | ₦82.20 | +46.31% |
| CHAMPION BREWERIES | ₦5.40 | +42.08% |
| Caverton Offshore Support Group Plc | ₦4.20 | +37.70% |
| FTN Cocoa Processors Plc | ₦2.59 | +36.32% |
| Northern Nigerian Flour Mills Plc | ₦119.90 | +32.49% |
| NPF Microfinance Bank Plc | ₦2.58 | +32.31% |
| Neimeth Int’l Pharmaceuticals Plc | ₦3.70 | +26.28% |
| May & Baker Nigeria Plc | ₦12.70 | +25.74% |
| Chellarams Plc | ₦13.05 | +25.48% |
| McNichols Plc | ₦2.12 | +24.71% |
Top Losers
| Company | Closing Price | % Loss |
| Multiverse Mining & Exploration Plc | ₦7.15 | -19.50% |
| Union Dicon Salt Plc | ₦10.50 | -11.83% |
| Nigerian Aviation Handling Company Plc | ₦75.00 | -9.64% |
| University Press Plc | ₦4.40 | -8.90% |
| Legend Internet Plc | ₦8.40 | -6.67% |
| International Energy Insurance Plc | ₦1.70 | -6.59% |
| Dangote Sugar Refinery Plc | ₦38.00 | -4.76% |
| AIICO Insurance Plc | ₦1.60 | -4.19% |
| Deap Capital Management & Trust Plc | ₦0.99 | -2.94% |
| First Holdco Plc | ₦24.95 | -2.73% |
Buy, Sell, or Hold? Rafiki’s Recommendations
- Custodian Plc
Price: ₦19.60
P/E Ratio: 2.02
Market Cap: 115.28B
Recommendation: Buy
Custodian Investment Plc is a strong buy based on its solid financial performance and very low valuation. In Q1 2025, the company posted a net profit of ₦10.67 billion, showing steady performance year-on-year. For the full year 2024, profit jumped by 164% to ₦50.33 billion, with earnings per share rising to ₦8.56. This growth was driven by higher income from insurance and investments. The stock’s price-to-earnings (P/E) ratio is just 2.02, making it very cheap compared to its earnings. With a high return on equity of 45.63% and a good dividend yield of nearly 7%, Custodian offers both growth and income potential for investors.
- PZ Cussons
Price: ₦29.50
P/E Ratio: 5.25
Market Cap: 116.33B
Recommendation: Sell
PZ Cussons Nigeria Plc faces significant financial challenges, primarily due to the substantial devaluation of the Nigerian Naira, which declined by 70% between May 2023 and May 2024. This currency depreciation led to a 19.6% drop in reported revenue and a statutory loss per share of 13.60p for the fiscal year 2024. Consequently, the company reduced its dividend by 44% to 3.60p per share. Despite a seemingly low P/E ratio of 5.25, the company’s profitability has been adversely affected, and its net debt position has worsened, standing at £115.3 million. Given these factors, a cautious approach is advisable for investors considering this stock.
- Guinea Insurance Plc
Price: ₦0.65
P/E Ratio: 5.55
Market Cap: 5.16B
Recommendation: Sell
Guinea Insurance Plc reported a net profit of ₦130.31 million in Q1 2025, up from ₦93.37 million in the same period last year, with earnings per share increasing to 1.64 kobo. While this growth is notable, the company’s small market capitalization of ₦5.16 billion and low share price of ₦0.65 suggest limited investor interest. Additionally, the absence of dividend payments and modest earnings may not appeal to income-focused investors. Despite a low P/E ratio of 5.55, the stock’s limited liquidity and growth prospects make it less attractive compared to other opportunities in the market.
- Linkage Assurance
Price: ₦1.48
P/E Ratio: 3.73
Market Cap: 22.79B
Recommendation: Buy or Hold
Linkage Assurance Plc has demonstrated steady performance in Q1 2025, reporting a net profit of ₦732.94 million, consistent with the ₦730.91 million achieved in the same period last year. The company experienced an 18% increase in revenue, rising from ₦5.1 billion to ₦6.1 billion, and improved its insurance result from a loss of ₦683.3 million to a gain of ₦292.7 million. With a low P/E ratio of 3.73 and a dividend yield of approximately 3.64%, the stock appears undervalued. However, the slight decrease in earnings per share from ₦5.2 to ₦4.8 and the recent delay in filing financial statements suggest a cautious approach. Therefore, a “Hold” recommendation is appropriate, with potential for a “Buy” if the company maintains positive momentum and addresses operational challenges.
- John Holt
Price: ₦7.55
P/E Ratio: 2.94B
Market Cap: 1.10
Recommendation: Buy
John Holt Plc reported a net loss of ₦165 million for the six months ended March 31, 2025, a significant decline from the ₦260 million profit recorded in the same period the previous year. This downturn was primarily due to a 77% drop in revenue, falling from ₦2.43 billion to ₦565 million. Earnings per share also turned negative, registering a loss of 42.4 kobo compared to a positive 66.9 kobo the previous year. Despite these challenges, the company’s cash position improved, with cash and cash equivalents increasing to ₦257 million from ₦22 million at the beginning of the period. Given the current financial performance, a cautious approach is advisable for potential investors.
- Stanbic IBTC
Price: ₦69.00
P/E Ratio: 2.97
Market Cap: 894.03B
Recommendation: Buy
Stanbic IBTC Holdings Plc stands out as a compelling investment opportunity, bolstered by robust financial performance and strong operational metrics. In Q1 2025, the company reported a net profit of ₦82.06 billion, marking an impressive 80% year-on-year increase, with earnings per share rising to 625 kobo. This growth was driven by a 55.8% surge in interest income to ₦180.4 billion and a 43% increase in fee and commission revenue to ₦63.7 billion. The company’s cost-to-income ratio improved to 37.7%, reflecting enhanced operational efficiency. With a low P/E ratio of 2.97 and a strong return on equity of 34.6%, Stanbic IBTC offers both value and growth potential. Given these factors, the stock is recommended as a “Buy” for investors seeking exposure to a well-managed and profitable financial institution.
