Market Performance: Nigerian Stock Watch (Week Ending June 24, 2025)
The Nigerian stock market extended its bullish run into the week ending June 24, 2025, with the All-Share Index (ASI) surging by 4,361.28 points, from 115,429.54 the previous week to 119,790.82, representing a 3.78% week-on-week increase. This marks the fifth consecutive week of gains, fueled by strong performances from SEPLAT, GTCO, MTNN, and several mid-cap and SWOOT stocks.
Market capitalization followed suit, jumping from ₦72.7 trillion to ₦75.5 trillion, while weekly trading volume hit 3.5 billion shares, up significantly from 2.05 billion the week prior — a 73.9% increase. Investor sentiment was overwhelmingly positive, with buying interest intensifying in both large-cap and mid-cap names.
🧾 Weekly Highlights
- SEPLAT (+9.78%), MTN Nigeria (+9.51%), and GTCO (+18.81%) led heavyweight gains.
- The NGX Oil & Gas Index surged 5.27%, while Banking Index advanced 3.58%.
- All major indices closed positive except the Industrial Goods Index, which dipped 0.36%.
- Market breadth remained strong with 55 gainers, 42 losers, and 51 unchanged stocks.
💹 All-Share Index Performance
| Metric | Value |
| Opening ASI (June 17) | 115,429.54 |
| Closing ASI (June 24) | 119,790.82 |
| Weekly Change | +4,361.28 points |
| Weekly % Change | +3.78% |
| Year-to-Date Performance | +16.28% |
| Weekly Volume | 3.5 billion shares |
| Market Capitalization | ₦75.5 trillion |
🚀 Top Gainers (Week Ending June 24, 2025)
| Stock | WTD Change (%) | Closing Price (₦) |
| ELLAH LAKES PLC | +23.09% | 3.95 |
| BETA GLASS PLC | +19.43% | 333.95 |
| LivingTrust Mortgage Bank | +18.88% | 6.80 |
| GTCO | +18.81% | 84.95 |
| Meyer Plc | +13.61% | 9.60 |
| NEM Insurance Plc | +13.33% | 17.00 |
| NEIMETH | +10.00% | 4.07 |
| FTN Cocoa | +10.00% | 3.08 |
| PRESCO PLC | +10.00% | 1,210.00 |
| OKOMUOIL | +10.00% | 748.00 |
📉 Top Losers (Week Ending June 24, 2025)
| Stock | WTD Change (%) | Closing Price (₦) |
| Northern Nigeria Flour Mills | -17.19% | 15.00 |
| SUNU Assurances | -12.81% | 1.50 |
| Oando Plc | -11.59% | 61.00 |
| DAAR Communications | -7.81% | 0.59 |
| Julius Berger (JBERGER) | -7.48% | 117.50 |
| International Energy Insurance | -9.55% | 1.61 |
| VFD Group | -7.41% | 15.00 |
| Caverton Offshore Support Group | -7.23% | 4.36 |
| Prestige Assurance | -5.56% | 1.02 |
| CHAMS | -5.09% | 2.05 |
🔍 Investor Focus
- Fidelity Bank topped volume charts during the week with over 141.7 million shares traded.
- OKOMUOIL recorded the highest trade value at ₦3.2 billion, followed by ZENITHBANK and FIDELITYBK.
📊 Market Outlook
The ASI’s breakout past the 119,000 mark and its current proximity to 120,000 points signal strong bullish sentiment. With major sectors rallying and heavyweights attracting increased investor inflows, the market is poised to test new highs — barring any macroeconomic shocks or policy disruptions.
Outlook: Bullish. Sustained momentum in mid- and large-cap stocks could push the index above 120,000 points in the near term.
Rafiki’s Recommendations
Zenith Bank (ZENITHB)
- Price: ₦53.00 blog.moni.africastockanalysis.com
- P/E Ratio: ~1.9×–2.0×; below banking-sector peer average (~6.2×) finbox.com+4finbox.com+4investing.com+4
- Market Cap: ₦2.18 trillion stockanalysis.com+1investing.com+1
Recommendation: BUY
- Strong Q1 earnings: profit rose +21% YoY to ₦311.8 bn, supported by 22% growth in gross earnings marketscreener.com+12simplywall.st+12simplywall.st+12.
- Undervalued relative to peers (P/E ~2× vs peer avg 6×), with a robust 9.4% dividend yield .
- Technical analysis supports a “Strong Buy” signal site.financialmodelingprep.com+12investing.com+12blog.moni.africa+12.
📌 Okomu Oil (OKOMUOIL)
- Price: ₦748.00–₦799.00 (current range) barrons.com+4marketscreener.com+4investing.com+4
- P/E Ratio: ~13.3×–15.9× dmarketforces.com+10finbox.com+10ng.investing.com+10
- Market Cap: ₦649–713 billion marketscreener.com
Recommendation: HOLD–BUY
- Valued reasonably for its defensive positioning in the resilient oil palm sector.
- Consistent earnings and strong net assets growth as of Q1 ng.investing.com+4finbox.com+4ng.investing.com+4dmarketforces.com+2marketscreener.com+2simplywall.st+2.
- Consider buying on slight dips; holding is fine for long-term investors seeking income exposure.
📌 ASO Savings & Loans (ASOSAVINGS)
- Price: ₦0.50 stockanalysis.com+2investing.com+2investing.com+2
- P/E Ratio: ~35× (based on TTM earnings of ₦63 m)
- Market Cap: ₦7.37 billion barrons.com+10stockanalysis.com+10bloomberg.com+10
Recommendation: SELL
- Extremely high valuation with limited earnings base; elevated P/E suggests overvaluation.
- Auditor’s “going concern” warning clouds financial outlook bloomberg.com+7site.financialmodelingprep.com+7finbox.com+7marketscreener.com+1marketscreener.com+1.
- Minimal growth and speculative upside—with risk outweighing reward.
📌 Conoil (CONOIL)
- Price: ₦234.50 ng.investing.com+6simplywall.st+6simplywall.st+6investing.com+8stockanalysis.com+8proshare.co+8
- P/E Ratio: ~34.5× (well above sector average ~11.5×) simplywall.st+1finbox.com+1
- Market Cap: ₦162.7 billion
Recommendation: HOLD
- Strong Q1 revenue (₦79 bn) but PAT plunged 93% YoY, making current earnings a weak base .
- Richly priced vs peers; investors should await recovery/stability of earnings before adding.
- Long-term growth in oil sector provides some upside, but downside risk exists.
📌 Omatek Ventures (OMATEK)
- Price: ₦0.63
- P/E Ratio: N/A (TTM loss, roughly –27×) simplywall.st
- Market Cap: ~₦1.85–2.15 billion
Recommendation: SELL
- Continues to report losses (Q1 net loss
₦10.7 m), minimal revenue (₦0.3 m)
- Negative Altman Z-score with weak financials; high bankruptcy risk blog.moni.africa.
- Investors should avoid exposure until a clear turnaround is evident.
