The Nigerian Stock Exchange (NGX) started April on a negative note, reversing the previous week’s gains and continuing the bearish trend that started in March. The NGX All-Share Index (ASI) dipped by 0.14% week-on-week, closing at 105,511.89 points. Market capitalization also decreased by 0.17%, amounting to a loss of N109.98 billion. This decline occurred despite the release of strong 2024 audited financial reports and generous dividend declarations, particularly from the banking sector.
The market was further impacted by the delisting of three companies, Capital Oil Plc, Goldlink Insurance Plc, and Medview Airlines Plc—due to failure to meet listing requirements. Additionally, EkoCorp Plc was placed under notice by NGX Regulation for non-compliance with regulations, with a possible delisting pending unless deficiencies are resolved. These corporate actions contributed to a lackluster market performance.
Total market turnover for the week stood at 1.183 billion shares worth N28.87 billion, significantly lower than the previous week’s activity. The financial services sector led trading volumes, contributing over 76% to the total equity turnover, while the consumer goods sector followed in second place. Fidelity Bank, Zenith Bank, and Universal Insurance were among the top stocks traded, together accounting for a notable share of the market turnover.
Despite strong performance from the banking sector, where stocks like Guarantee Trust Holding and Fidelity Bank saw gains, the broader market saw weak breadth, with 51 equities depreciating. The NGX Insurance Index led sectoral losses, followed by declines in the Oil & Gas, Consumer Goods, and Industrial Goods sectors. Notable gainers included VFD Group and Union Dicon, while UAC Nigeria and SUNU Assurance led the losers’ chart.
Source: punch