All-Share Index Declines as Equities Investors Lose N394bn
The Nigerian Exchange (NGX) All-share index (ASI) declined week-on-week (WoW) as equity investors lost N394 billion due to sell pressures in some top stocks.
The local stock market recorded its first weekly negative performance as investor sentiment weakened following several sessions of intensified profit-taking.
The NGX All-Share Index (ASI) closed at 165,512.18 points, reflecting a week-on-week decline of 0.37% and underscoring subdued confidence among market participants.
Stockbroking firms reported that this bearish outing translated into a corresponding 0.37% contraction in total market capitalization, which fell to N105.96 trillion from N106.35 trillion in the previous week.
As a result, the market shed approximately N394 billion in value, while the year-to-date return moderated to 6.36%, Cowry Asset Limited said in investors note.
Stock analysts said that despite the overall decline, market breadth remained moderately positive at 1.43x, as 57 advancing stocks significantly outnumbered 40 decliners, indicating selective bargain hunting.
Data from the Nigerian bourse showed that trading activity weakened during the week, with total deals, traded volume, and traded value declining by 9.97%, 18.83%, and 23.71%, respectively.
By the close of the week, a total of 3.75 billion shares valued at N99.9 billion were exchanged across 237,302 deals, reflecting cautious positioning and persistent selloffs.
Sectoral performance this week largely mirrored the broader market weakness, as sustained selling pressure and profit-taking activities dominated the broader market.
All sectors closed in negative territory, with the lone exception of the Oil & Gas and Commodity indices, which emerged as the week’s only gainer.
The sectors advanced by 1.36% and 0.79% respectively, supported by price appreciation in ARADEL, although this gain was partly offset by sharp losses in ETERNA.
The Consumer Goods sector recorded a notable decline of 1.48%, reflecting intensified sell-offs in key counters, particularly Nigerian Breweries and International Breweries.
Similarly, the Banking sector closed the week down 1.32%, weighed by broad-based weakness in tier-one and mid-tier names, with FIRSTHOLDCO and FIDELITYBK, respectively, as investors trimmed exposure following recent rallies.
In the Insurance space, the sector edged lower by 0.10%, as profit-taking in WAPIC and GUINEAINS, outweighed gains recorded in a few select counters.
Meanwhile, the Industrial Goods sector posted the mildest decline of 0.08%, reflecting modest selling interest in CUTIX and WAPCO despite a standout performance by TRIPPLEG.
At the stock level, several equities posted strong gains during the week. DEAPCAP led the gainers’ table with a 60.1% appreciation, followed by SCOA (+59.7%), NCR (+46.4%), DAARCOMM (+41.7%), and RTBRISCOE (+40.7%), largely driven by heightened accumulation interest.
On the flip side, ETERNA (-11.9%), NSLTECH (- 10.2%), IMG (-9.9%), ALEX (-9.9%), and UPDC (-8.1%) recorded the steepest losses, reflecting sustained selling pressure in those counters.
Looking ahead, Cowry Asset Limited expects the Nigerian equities market to remain range-bound in the near term, as cautious investor sentiment persists amid ongoing profit-taking and soft trading activity.
“While the recent pullback has moderated gains accumulated earlier in the year, the market’s year-to-date return of 6.36% suggests that downside risks may be somewhat contained, particularly for fundamentally strong and dividend-paying stocks”, the investment firm said. Geregu Power Declares Dividend Amidst Tight Earnings Performance
