Ruth Ibikunle
The Nigerian stock market last week closed on a bullish note with 0.9% growth. Year to date, the equity market has returned 6.59% with the All Share Index and Market Capitalisation at 109,710.37 points and N68.953 trillion respectively.
In a stock market review with the MD/CEO of GlobalView Capital Limited, Aruna Kebira, the following were discussed:
Excerpts:
• The stock market last week closed on a positive note with 0.9% growth. What is the outlook for the new week?
The continuous interpretation of the recently released Q1 2025 earnings reports by analysts, investors, and market operators is the resultant effect of the closings of the market last week.
The party is far from being over, as the market has not completely rewarded some companies for their outstanding performances.
This frenzy is expected to continue this week and might likely stretch to close the month of May.
The market, all things being equal, is expected to also close in the green zone this week.
• How sustainable is the growth in Beta Glass?
With the best Q12025 earnings released, the stock price has soared from a 52-week low price of N44.50 and a price of N160.65 as at May 8, 2025 to a 52-week high price of N235.05.
When it comes to sound fundamentals, there is no cap on the extent to which a stock price could grow. The events of the coming days and weeks would attest to whether the price of Beta Glass is sustainable around this band.
But one thing is clear, there could be a retraction as a result of profit taking, but the price of the stock trading over N200 has come to be.
• What is driving the growth in Carveton, FTN Cocoa, NNFM, and NPF Microfinance Bank?
Caverton
The rise in the price of Caverton is a reflection of the quality of the information it released to the NGX issuers’ portal.
The company announced the management’s strategic initiatives to return the business to profitability, including detailed efforts to mitigate exposure to foreign currency fluctuations by reducing foreign liabilities and enforcing strict cost control measures across operations. 2025. The company delivered a strong financial turnaround, moving from a loss in the same period last year to a profit before tax of N1.6 billion.
On the other hand, the company also announced that Caverton Marine Limited (Caverton), a subsidiary of Caverton Offshore Support Group Plc (COSG), has entered into a strategic joint venture with the Nigerian National Petroleum Company Limited (NNPC) and Swedish global shipping giant, Stena Bulk, to launch Unity Shipping Worldwide. The agreement was formalised in April 2025 at the NNPC Towers in Abuja.
FTN Cocoa
The company in its Q12025 reported a loss position but a better loss than the corresponding period of 2024.
It reported a loss after tax of N575,554m as against N8,885 m, representing a 94% growth.
The market believes that the remainder of the losses will be dissipated in the H12025 earnings report of the company or at worse in the course of the this fiscal year.
NNFM
The company has its fiscal year end on March 31. Every year. It had just released its Q32025 earnings report where its grew its turnover by 135% , and eps by 165%
Investors and the market believe that with this superfluous growth, the Q42025 would be better and that the board and the management of the company would be magnanimous enough to pay a commensurate dividend
The company declared a N0.35 dividend for Q42024 and has already declared a N0.50 interim dividend for their current financial year
NPF Microfinance Bank
The Bank grew its turnover by 64% and its eps by 77%. Bearing in mind that this is just Q1 investors and the market at large are foreseeing a better outing for listed companies on the NGX and better dividend declaration and therefore reshuffling their portfolios to align with the current market situation.
This frenzy explains why the company’s price is looking upwards.
• Is Nigerian Breweries a good buy at N55?
The current state of the price of NB is a starting point for its ascent to where it was before. We have seen NB trading at over N200.00 when there came infiltration of the various local bitters brewers who came to share part of their market.
To make matters worse, the devaluation of the Naira had a terrible effect on their financial books owing to the facility obtained from their parent company.
They underwent a rights issue which was to alleviate the adverse and negative effect of interest payment on their balance sheet.
The resultant effect was its departure from the loss zone that had triggered the ascent of the price of the stock.
The market believes that NB will do well, maybe better in their H12025, and if that is true, NB trading at the price of N55.00 may become a thing of the past
• How attractive is First Holdco at N24.95
The big Elephant has always held out its own, weathered the storms, and kept itself afloat. Give or take, First Holdco has survived all odds, and it is still waxing strong.
It could be noted that the Bank has joined the league of issuers that declare commensurate dividends. If not for the battle for the soul of the bank. The price would have long been trading far above the current price.
I think at N24.95 the price of First Holdco is fair.
• What are the stocks to watch?
TIP, Ecobank, Nigerian Breweries, Tantalizers, Oando, VFD, and a host of others.