The Nigerian equity market experienced a significant decline during a shortened trading week, with a loss of N207 billion in market capitalisation. The Federal Government declared Friday, April 18, and Monday, April 21, 2025, as public holidays for the Easter celebration, reducing trading days to just four. As a result, the benchmark All-Share Index fell by 0.32%, closing at 104,233.81 points, while market capitalisation dropped from N65.706 trillion to N65.499 trillion.
Trading volume also saw a noticeable decrease, with a total of 1.525 billion shares valued at N43.006 billion exchanged in 51,156 deals. This marked a decline from the previous week’s 2.094 billion shares worth N52.967 billion in 64,612 deals, reflecting the impact of the shortened trading week. The financial services sector led the market activity, accounting for over 70% of the total turnover, followed by the ICT sector and the services industry.
Despite the overall market downturn, a few sectoral indices saw positive movement. The Premium Index rose by 0.57%, while other sectors like Pension, MERI Growth, and Consumer Goods also posted gains. Conversely, the bond market and Exchange Traded Products (ETPs) experienced a slowdown, with both turnover and transaction volumes declining significantly compared to the previous week.
On the corporate front, Wema Bank Plc commenced a rights issue for 14.29 billion ordinary shares, priced at N10.45 per share. This development added some activity to the market, even though the overall sentiment remained mixed due to ongoing earnings reports and dividend declarations.
Source: Punch