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 Overview
Nigerian equities stumbled into the second week of April under pressure, as both global and local headwinds triggered a wave of sell-offs. The Nigerian Exchange All-Share Index (NGX ASI) plunged by 1.23% on Monday, April 7, marking its worst single-day loss in nearly three months. The index dropped 1,295.02 points to close at 104,216.87, driven by a mix of global tension and profit-taking.
Market sentiment soured following Donald Trump’s announcement of sweeping reciprocal tariffs, a threat that spooked investors across emerging markets. Analysts warn that such protectionist policies could disrupt global trade flows and reduce foreign portfolio inflows into markets like Nigeria. The NGX, known for its sensitivity to foreign capital movement, reflected this anxiety with sharp declines in major stocks—including OANDO, CORNEST, NSLTECH, and RTBRISCOE, which each dropped by the daily maximum of 10.00%.
Even heavyweight stocks weren’t spared. OANDO, listed under the SWOOT category (Stocks Worth Over One Trillion), also hit the 10% floor. Despite the bearish tone, trading activity surged, with volumes rising to 444.1 million shares from 348.1 million, suggesting repositioning by investors. Still, market capitalization dropped below the N66 trillion threshold to N65.4 trillion, across 15,690 deals.
The previous week (ended April 4, 2025) saw a weekly loss of 0.14%, with the ASI closing at 105,511.89. Trading volume shrank dramatically—down 61% from the prior week, totaling 1.18 billion shares. The number of gainers also fell from 43 to 23 equities, while losers rose from 36 to 51, underscoring widespread market hesitation.
However, on a bright note, Nigerian stocks posted a modest recovery on Tuesday, April 8, 2025, after the sharp downturn. The All-Share Index (ASI) of the Nigerian Exchange rose by 159.86 points, closing at 104,376.73, up 0.15% from Monday’s close of 104,216.87. This small rebound comes as all FUGAZ banking stocks notched gains, helping to stabilize sentiment after global uncertainties rattled markets.
Market Gainers
led the list of gainers with a 10.00% increase week-to-date, followed by Total Plc, which rose by +9.61%. Other significant gainers were:
- ABBEYBDS: 8.35% to N5.58
- STERLINGNG: 6.85% to N5.15
- VFDGROUP: 5.26% to N66.00
- MBENEFIT: 4.55% to N0.92
- VFDGROUP: +10.00% to N62.70
- GUINEAINS: +9.52% to N0.69
- INTENEGINS: +9.33% to N1.64
- ABBEYBDS: +8.88% to N5.15
Market Losers
At the forefront of the declining stocks was Cornest, which dropped -10.00% to N2.97, followed by OANDO with the same -10.00% to N37.80. Other notable decliners included:
- NSLTECH: -10.00% to N0.45
- RTBRISCOE: -10.00% to N2.16
- HONYFLOUR: -9.98% to N10.19
- UHOMREIT: -9.95% to N46.15
- NAHCO: -9.94% to N62.95
- NEM: -9.92% to N11.80
- LASACO: -9.86% to N1.92
- ROYALEX: -9.78% to N0.83
Buy, Sell, or Hold? Rafiki’s Recommendations
- Total Energies
Current Price: N670.50
Market Capitalization: N227.85B
Price-to-Earnings (P/E) Ratio: 8.28
Recommendation: Hold
TotalEnergies Marketing Nigeria Plc demonstrated a robust financial performance in 2024, achieving a record revenue of N1.04 trillion—a 64% increase from N636 billion in 2023. The company’s profit before tax more than doubled to N42.3 billion, up from N17.6 billion in the previous year, while profit after tax rose by 115% to N27.8 billion from N12.9 billion. Given the company’s strong financial growth and the current valuation metrics, a “Hold” recommendation appears appropriate. This suggests maintaining your current position in the stock, as it is performing well but may not present a strong buy opportunity at this time.
2. BUA Foods
Current Price: N376.20
Market Capitalization: N7.52T
Price-to-Earnings (P/E) Ratio: 28.29
Recommendation: Buy or Hold
BUA Foods Plc has reported an impressive financial performance for the fiscal year ending December 31, 2024. The company achieved a revenue of ₦1.53 trillion, marking a 109.5% increase from ₦729.4 billion in 2023. Profit after tax also saw a substantial rise of 137.3%, reaching ₦265.99 billion, up from ₦112.1 billion in the previous year. Given these factors, you should buy or hold BUA foods stocks. This suggests maintaining your current position in the stock to monitor the company’s ongoing performance and market conditions before making further investment decisions
3. International Breweries
Current Price: N4.97
Market Capitalization: N843.14B
Price-to-Earnings (P/E) Ratio: -4.32
Recommendation: Sell
International Breweries Plc reported its seventh consecutive annual loss in 2024, with a loss after tax of ₦113.6 billion, a 62.25% increase from the previous year’s loss of ₦70.03 billion. This occurred despite a substantial 87.63% rise in revenue to ₦488.96 billion. The significant losses were primarily due to a 1,050.4% surge in net foreign exchange losses, amounting to ₦165.6 billion, and a 105.13% increase in cost of sales to ₦357.6 billion. Given the persistent financial challenges, escalating losses, and negative P/E ratio, a “Sell” recommendation is appropriate. This suggests that divesting from International Breweries Plc may be prudent, as the company’s financial performance indicates continued instability.
4. SUNU Asssurance
Current Price: N5.60
Market Capitalization: N32.94B
Price-to-Earnings (P/E) Ratio: 8.89
Recommendation: Hold
SUNU Assurances Nigeria Plc has demonstrated a solid financial performance, reporting a group insurance revenue of ₦15.27 billion for the fiscal year ending December 31, 2024. The company has declared an annual dividend of ₦0.10 per share, with an ex-dividend date of June 2, 2025, and a record date of May 30, 2025. Considering the company’s stable financial performance, reasonable valuation, and consistent dividend payouts, it is recommended to hold or buy. This suggests maintaining your current position in the stock to monitor the company’s ongoing performance and market conditions before making further investment decisions.
5. ABC Transport Plc
Current Price: N1.40
Market Capitalization: N3.35B
Price-to-Earnings (P/E) Ratio: 6.36
Recommendation: Hold
ABC Transport Plc has experienced financial challenges in recent years. For the fiscal year ending December 31, 2024, the company reported a loss per share of ₦0.0733, reflecting continued unprofitability. Despite these challenges, the company declared a final dividend of ₦0.025 per 50 kobo ordinary share in May 2024. The current stock price is ₦1.40, with a market capitalization of ₦3.35 billion, resulting in a price-to-earnings (P/E) ratio of 6.36. While this P/E ratio appears modest, it’s important to note that the company has reported losses, which can distort the P/E metric’s typical interpretation.
Given the ongoing financial losses and the modest dividend payout, a “Sell” recommendation would be prudent. This suggests that divesting from ABC Transport Plc may be advisable, as the company’s financial performance indicates continued instability.
6. Sterling Nigeria
Current Price: N5.150
Market Capitalization: N230.03B
Price-to-Earnings (P/E) Ratio: 3.95
Recommendation: Buy
Sterling Financial Holdings Company Plc has demonstrated strong financial performance in 2024. The unaudited interim results for the year ending December 31, 2024, reveal a substantial 97.21% increase in profit before tax, amounting to ₦44.753 billion. This growth is largely attributed to a 67.09% rise in net interest income, driven by increased interest income from loans and advances to customers.
Given the strong unaudited financial performance and the low P/E ratio, a “Buy” recommendation is appropriate. This suggests that acquiring shares in Sterling Financial Holdings Company Plc could be advantageous, as the stock appears to be undervalued with significant growth potential.
Financial Statements of Discussed Companies: Total Energies, BUA Foods, International Breweries, SUNU Assurances, ABC Transport Plc, Sterling Nigeria
