Dear Esteemed Client,

Equities Market Highlights

• The Nigerian equities market reversed its bearish trend from the previous week with the Nigerian Exchange All-Share Index (ASI) rising by 1.45% week-on-week (w/w) to close at 105,753.05 points.
• The market recorded three sessions of gain and one session of loss, with the Year-to-Date (YTD) return of the index jumping to 2.75%.
• Top gainers were INTBREW (+40.00% w/w), AFRIPRUD (+25.64% w/w), UCAP (+21.74% w/w), VITAFOAM (+21.22 w/w), and IKEJAHOTEL (+21.00% w/w).
• Top decliners were JOHNHOLT (-18.60% w/w), TRIPPLEG (-10.00% w/w), DANGCEM (-10.00% w/w), MRSOIL (-9.95% w/w), MULTIVERSE (-9.83% w/w).
• In corporate developments, several companies published their earnings releases during the week. United Bank for Africa PLC released its unaudited Q1 2025 financial results with Interest Income and Profit Before Tax (PBT) advancing by 36.1% y/y and 30.7% y/y to ₦599.83bn and ₦204.27bn respectively. Lafarge Africa Plc's unaudited Q1 2025 release showed Revenue increased by 80.3% y/y to ₦248.35bn while PBT jumped by 739.5% y/y to ₦73.11bn. The company announced an interim dividend of ₦4.00 per share, with closure date 09 May 2025.

Fixed Income Market Highlights

• System liquidity strengthened significantly last week, closing at a net long position of ₦1.78tn.
• Open Buy Back (OBB) and Overnight (O/N) rates dropped by 510bps and 517bps w/w to 26.50% and 26.88%, respectively.
• Average NTB yield dropped by 7bps w/w to 20.92%.
• Average domestic FGN Bond yield inched up by 1bp w/w to 19.02% while average FGN Eurobond yield pared by 54bps w/w to 9.97%.

Foreign Exchange (FX) Market Highlights

• Naira depreciated by 5bps w/w against the U.S. Dollar, closing at ₦1,600.25/$ at the NFEM window.
• Domestic FX reserves declined by $66.00m WTD to $37.81bn as of April 24, 2025.

Kindly click on the below link to download the full report.

"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹CSL-Nigeria-Weekly-28-April-2025.pdf"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹

Kind Regards,

CSL Research

Email: CSLResearch@fcmb.com"‹

Address: 44 MARINA, LAGOS ISLAND, "‹

Website: www.cslstockbrokers.com