The Nigerian stock market closed last week on a bearish note, with investors losing a staggering ₦833 billion in a holiday-shortened trading week. Trading activity was reduced to four sessions as the Federal Government declared Friday, September 5, a public holiday to mark the Eid el-Maulud celebration. The shortened week, coupled with cautious investor sentiment, dragged the market into negative territory.
At the close of the week, the All-Share Index (ASI) fell by 0.94%, settling at 138,980.01 points, compared to 140,300.26 points recorded the previous week. Similarly, the market capitalization of listed equities dropped to ₦87.94 trillion from ₦88.77 trillion, reflecting the total losses recorded by investors during the period. Analysts attributed the decline to profit-taking, weaker trading momentum, and concerns over Nigeria’s macroeconomic outlook.
Data from the Nigerian Exchange (NGX) showed mixed performances across indices. While most major indices declined, the Growth Index and Commodity Index managed slight gains of 0.15% and 0.04%, respectively, with the ASeM Index closing flat. Market turnover stood at 3.12 billion shares worth ₦90.30 billion in 118,018 deals, lower in deal count compared with the preceding week’s 142,477 trades.
The Financial Services sector dominated trading activity, accounting for over 81% of total equity turnover volume. Top traded stocks included Sovereign Trust Insurance Plc, Access Holdings Plc, and Fidelity Bank Plc, which jointly contributed more than half of the total trading volume. Sovereign Trust Insurance led with 1.42 billion shares worth ₦4.21 billion, followed by Nigerian Breweries and Fidelity Bank.
On the price chart, 19 stocks recorded gains, led by Sovereign Trust Insurance (+14.23%), Secure Electronic Technology (+12.94%), and Cornerstone Insurance (+12.36%). However, losses outpaced gains as 64 equities depreciated, with DAAR Communications (-21.10%), UPDC Plc (-13.85%), and AIICO Insurance (-13.61%) topping the list of decliners. Despite the weekly setback, the NGX still boasts a year-to-date gain of 35.03%, underpinned by investor confidence in banking, insurance, and consumer goods stocks.
Source: Punch