The Nigerian stock market serves as a dynamic mirror to the country’s evolving economic landscape and investor sentiment. In this project, I delve into the performance of the Nigerian Exchange (NGX) over the last trading days of January and February 2025. By combining robust data wrangling with insightful Power BI visualizations and DAX computations, I unravel the story behind market capitalization shifts, sector performance, and the fortunes of individual companies. This analysis not only quantifies change but also explains the possible catalysts behind these market movements.
In the fast-paced world of finance, understanding how and why stock markets move is critical for investors, policymakers, and analysts. Beyond just numbers, every shift in market capitalization, sector dominance, or stock performance tells a bigger story—one that shapes investment strategies, economic policies, and business decisions.
This analysis goes beyond surface-level trends. It unpacks the forces driving Nigeria’s stock market in February 2025, answering key questions that matter to stakeholders:
- Which companies dominate the market? Who are the power players shaping the exchange, and how concentrated is the market?
- Which stocks are thriving, and which are struggling? What underlying factors are driving these shifts?
- How are different sectors performing? Where is investor money flowing, and what does it reveal about Nigeria’s economic landscape?
- What hidden insights can we uncover? Beyond just ranking stocks, what deeper market patterns and trends emerge?
Using market capitalization as the benchmark, this study provides:
✔ A ranking of Nigeria’s largest companies, showcasing the titans that control the market.
✔ An analysis of the fastest-growing and worst-performing stocks, explaining the catalysts behind their movements.
✔ A deep dive into sectoral trends, identifying industries on the rise and those losing investor confidence.
✔ Actionable insights for decision-makers, turning raw data into a strategic advantage.
By distilling complex stock market dynamics into a clear, data-driven narrative, this project delivers more than just analytics—it provides a blueprint for smarter investing, informed policymaking, and deeper financial understanding. 🚀📈
- Microsoft Excel: For initial data cleaning, transformations, and pivot table analysis.
- Power Query: For extracting data from PDF reports and preprocessing datasets.
- Power BI: For creating interactive dashboards that bring the data story to life.
- DAX: To compute advanced measures and insights from the data.
- Data Cleaning & Preprocessing: Handling messy data, eliminating redundancies, and converting data types.
- Data Analysis & Transformation: Merging datasets, computing percentage changes, and deriving new insights.
- Data Visualization & Reporting: Crafting interactive dashboards that are both informative and visually appealing.
- DAX Formulas & Measures: Creating custom measures that power the analytical insights.
- Narrative Data Storytelling: Explaining complex market dynamics with clarity and depth.
The raw data extracted from the NGX PDF reports, featuring multiple tables and unstructured headers.
- Removed Unnecessary Columns: Eliminated columns like Nominal Value and Shares Outstanding that did not contribute to the analysis.
- Standardized Column Headers: Reformatted headers for consistency and clarity.
- Converted Data Types: Ensured numerical columns were in the correct format for accurate calculations.
- Merged January & February Data: Utilized XLOOKUP and TRIM functions in Excel to create a unified dataset.
- Computed Percentage Changes: Calculated changes in market capitalization and closing prices between the two periods.
The final cleaned dataset is streamlined for analysis, with 151 rows of high-quality data ready to power our insights.
An interactive Power BI dashboard that visualizes the key trends in market capitalization, sector performance, and stock performance.
This Power BI dashboard transforms raw market data into a clear and compelling narrative about Nigeria’s stock market movements between January and February 2025. It’s not just about numbers—it’s about understanding where money is flowing, which sectors are booming, and what this means for investors.
The Nigerian stock exchange is dominated by a few powerful players, and this section highlights the biggest names shaping the market.
- Airtel Africa’s dominance stands out, surpassing even MTN Nigeria in valuation.
- This signals a shift in investor sentiment—perhaps reflecting Nigeria’s increasing demand for mobile connectivity and digital services.
- The rankings show who controls the most capital and which companies have the greatest influence on market trends.
This insight is crucial for investors looking to identify stable giants or understand which companies are attracting the most institutional attention.
- The top five companies alone hold 33% of the entire market capitalization.
- This reveals a highly concentrated market, meaning a handful of firms wield massive influence over the entire exchange.
- If these companies perform well, the entire market may rise—but if they struggle, their losses could drag the index down.
This visualization helps investors gauge how much power is in the hands of a few players and whether they should diversify beyond the market leaders.
- This section highlights the companies that saw the biggest increase in market capitalization—whether in absolute value or percentage growth.
- Companies with strong performance often signal positive investor sentiment, solid fundamentals, or recent strategic wins.
- For example, Smart Products Nigeria PLC surged by 65%, suggesting that:
- The company might have launched a game-changing product.
- It could be expanding into new, lucrative markets.
- There’s a potential industry shift driving demand for its services.
By identifying the fastest-growing firms, investors can spot potential breakout opportunities.
Just as some companies surge, others struggle to stay afloat.
- This section highlights firms that saw the biggest drops in market capitalization.
- A stock losing value doesn’t always mean a company is doomed, but it signals potential issues that require further investigation.
- Union Dicon Salt Plc’s decline (-28%), for example, raises questions:
- Is it facing financial difficulties or mismanagement?
- Did it make a poor business decision that caused investors to pull out?
- Is its industry experiencing a downturn?
Investors and analysts can use this insight to avoid risky investments or spot undervalued stocks with rebound potential.
- This visualization gives a bird’s-eye view of which industries hold the most market value.
- Some sectors—like telecom, banking, and oil & gas—traditionally dominate, but this section helps track shifts in leadership.
- If a sector’s market cap is growing, it means more investors are pouring money into it, making it a hotspot for future growth.
Understanding sector size helps investors decide where to focus their portfolios and see which industries drive the economy.
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This section tracks how different industries have grown or shrunk over the period.
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Some sectors—like Construction/Real Estate (+153%) and Consumer Goods (+143%)—saw massive gains, likely fueled by:
- Increased urbanization and government-backed infrastructure projects.
- Stronger consumer spending power, signaling an economic recovery.
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Meanwhile, Natural Resources (-12%) experienced a decline, possibly due to:
- Commodity price fluctuations making the sector less attractive.
- A global shift toward renewable energy, affecting traditional resource investments.
This insight helps investors spot macro-level trends and understand which sectors are thriving and which ones are struggling.
At a glance, this Power BI dashboard captures the pulse of Nigeria’s stock market.
- It reveals where investors are betting their money and which sectors are experiencing the biggest shifts.
- It tells us who the market leaders are, who’s on the rise, and who’s struggling.
- Most importantly, it provides actionable insights for investors, analysts, and policymakers looking to navigate the market intelligently.
This dashboard isn’t just a collection of numbers—it’s a story of how Nigeria’s economy is evolving in real-time. 📊🔥
| Rank | Company | Market Cap (₦) |
|---|---|---|
| 1 | AIRTEL Africa PLC | 8.11T |
| 2 | Dangote Cement PLC | 8.10T |
| 3 | BUA Foods PLC | 7.52T |
| 4 | MTN Nigeria Communications PLC | 5.55T |
| 5 | Seplat Energy PLC | 3.60T |
| Rank | Company | % Change |
|---|---|---|
| 1 | Smart Products Nigeria PLC | +65% |
| 2 | PZ Cussons Nigeria | +54% |
| 3 | UPDC PLC | +53% |
| 4 | ETERNA PLC | +52% |
| 5 | HONEYWELL FLOUR MILL PLC | +43% |
| Rank | Company | % Change |
|---|---|---|
| 1 | Union Dicon Salt Plc | -28% |
| 2 | Eunisell Interlinked Plc | -27% |
| 3 | Learn Africa Plc | -27% |
| 3 | University Press Plc | -19% |
| 3 | DAAR Communications Plc | -18% |
| Rank | Sector | % Change in Market Cap |
|---|---|---|
| 1 | Construction/Real Estate | 153% |
| 2 | Consumer Goods | 143% |
| 3 | Agriculture | 88% |
| 4 | Industrial Goods | 72% |
| 5 | Financial Services | 59% |
| 6 | Oil And Gas | 37% |
| 7 | Investment | 18% |
| 8 | Conglomerates | 18% |
| 9 | ICT | 14% |
| 10 | Utilities | 4% |
| 11 | Healthcare | 2% |
| 12 | Services | 0% |
| 13 | Natural Resources | -12% |
| Rank | Sector | Market Cap (NGN) | Market Share (%) |
|---|---|---|---|
| 1 | ICT | 13,747,454,685,716 | 21.6% |
| 2 | Industrial Goods | 12,841,626,535,794 | 20.2% |
| 3 | Financial Services | 11,912,958,308,314 | 18.7% |
| 4 | Consumer Goods | 11,685,867,393,974 | 18.4% |
| 5 | Oil And Gas | 7,006,242,470,848 | 11.0% |
| 6 | Utilities | 5,611,750,000,000 | 8.8% |
| 7 | Services | 1,593,969,450,966 | 2.5% |
| 8 | Agriculture | 1,342,886,063,397 | 2.1% |
| 9 | Conglomerates | 805,474,222,312 | 1.3% |
| 10 | Construction/Real Estate | 434,830,693,834 | 0.7% |
| 11 | Healthcare | 127,058,555,591 | 0.2% |
| 12 | Investment | 66,382,892,840 | 0.1% |
| 13 | Natural Resources | 25,441,434,199 | 0.0% |
Companies =
VAR TotalCount = COUNTROWS('Full Sheet')
RETURN
IF(TotalCount > 1, TotalCount, TotalCount)
Overall Performance % =
VAR MarketCapJan = SUM('Full Sheet'[Market Cap(Jan)])
VAR MarketCapFeb = SUM('Full Sheet'[MarketCap(Feb)])
RETURN
DIVIDE(MarketCapFeb - MarketCapJan, MarketCapJan, 0)
Total Market Cap (Feb) = SUM('Full Sheet'[MarketCap(Feb)])
MarketCap_Formatted =
SWITCH(
TRUE(),
SUM('TopSectors'[Sum of MarketCap(Feb)]) >= 1000000000000, "₦" & FORMAT(SUM('TopSectors'[Sum of MarketCap(Feb)]) / 1000000000000, "0.00") & "T",
SUM('TopSectors'[Sum of MarketCap(Feb)]) >= 1000000000, "₦" & FORMAT(SUM('TopSectors'[Sum of MarketCap(Feb)]) / 1000000000, "0.00") & "B",
"₦" & FORMAT(SUM('TopSectors'[Sum of MarketCap(Feb)]), "0.00")
)
MarketCap_Sort = SUM('TopSectors'[Sum of MarketCap(Feb)])
- Airtel Africa PLC (₦8.11T) overtook MTN Nigeria (₦5.55T) as the largest telecom company by market cap.
- The top five companies by market cap in February 2025 were:
- Airtel Africa PLC – ₦8.11T
- Dangote Cement PLC – ₦8.10T
- BUA Foods PLC – ₦7.52T
- MTN Nigeria Communications PLC – ₦5.55T
- Seplat Energy PLC – ₦3.60T
- Top gainer: Smart Products Nigeria PLC saw a +65% surge, signaling strong investor interest.
- Other major gainers: PZ Cussons Nigeria (+54%), UPDC PLC (+53%), and Eterna PLC (+52%).
- These stocks may have been driven by positive earnings, corporate actions, or sector growth.
- Union Dicon Salt PLC lost 28% of its market value, making it the worst-performing stock.
- Other major losers: Eunisell Interlinked PLC (-27%), Learn Africa PLC (-27%), and University Press PLC (-19%).
- Declines in these stocks suggest poor earnings, regulatory issues, or investor sell-offs.
- Sector market cap growth:
- Construction/Real Estate: +153%
- Consumer Goods: +143%
- Agriculture: +88%
- Industrial Goods: +72%
- The Financial Services sector grew by 59%, while ICT (14%) and Healthcare (2%) lagged behind.
- Natural Resources (-12%) was the only sector that declined, indicating weak investor confidence.
- Investors are favoring construction, consumer goods, and industrial stocks, possibly due to infrastructure spending and increased consumer demand.
- Financial services remain strong, while ICT and healthcare sectors underperformed expectations.
✅ Focus on high-growth sectors: Construction, consumer goods, and industrial goods show strong momentum.
✅ Investigate declining sectors: Natural resources and services may be facing structural challenges.
✅ Company-Specific Research: Explore the fundamentals behind Smart Products Nigeria PLC’s rise and Union Dicon Salt PLC’s drop.
✅ Macroeconomic Analysis: Examine how CBN policies, inflation, and fiscal measures influenced investor sentiment.
Owadokun Oluwatobi Ezekiel
This project distills raw stock market data into a clear narrative of market trends, sector shifts, and investment flows. Every chart, every metric, and every insight is designed to cut through the noise—offering a precise, data-driven view of how the market moves and where opportunities lie.