NGX ends week in red as profit-taking wipes N1.147 trillion from market cap
By Aboki Forex —
The Nigerian Exchange closed the week lower as investors took profits, pushing the All-Share Index down by 1.21% and market capitalisation to N147.103 trillion. Trading activity picked up sharply, but bearish sentiment dominated with only 22 stocks gaining against 57 decliners.
Market performance and trading activity
The NGX All-Share Index shed 1.21% to settle at 229,240.34 points, while market capitalisation dropped to N147.103 trillion, according to the Exchange’s weekly market review. Despite the dip in share prices, investors were more active during the week under review. They traded 3.821 billion shares in 258,567 deals, valued at N154.393 billion, compared to 2.324 billion shares transacted in 249,328 deals worth N134.486 billion a week earlier.
Financial services lead trading volumes
The financial services sector dominated the activity chart by volume and value, accounting for 60.99% of total equity turnover by volume and 35.37% by value. The sector recorded 2.330 billion shares worth N54.606 billion traded in 108,978 deals. Services and consumer goods followed in second and third place, with 509.473 million and 216.344 million shares worth N16.353 billion and N8.057 billion respectively transacted in their counters.
Sterling Financial Holdings, Access Holdings and Ikeja Hotel dominated investors’ attention in terms of the highest volume transacted during the week. They accounted for 1.405 billion shares valued at N28.370 billion, representing 36.78% of the total volume and 18.37% of the total value.
Bearish sentiment and price movers
The market was bearish in sentiment as the number of advancers remained unchanged at 22 stocks from the prior week. However, the number of decliners and stagnant stocks expanded by 33.17% (57) and 46.15% (67) respectively compared to the preceding week.
Top price gainers included Airtel Africa Plc, which rose from N4,358.80 to N5,274.00, gaining N915.20 or 21.00%. Regency Assurance Plc moved from N0.79 to N0.95, up N0.16 or 20.25%. UPDC Plc gained N0.40 to close at N3.65, a 12.31% increase. DAAR Communications Plc rose 7.84% to N1.65, Sunu Assurances Nigeria Plc gained 7.50% to N3.87, Japaul Gold & Ventures Plc added 6.90% to N3.10, and Chams Holding Company Plc rose 5.72% to N4.25. Coronation Infrastructure Fund gained 5.45% to N116.00, CWG Plc rose 5.00% to N21.00, and Cutix Plc added 4.48% to N2.80.
On the downside, International Energy Insurance Plc led the decliners, falling 18.83% from N5.79 to N4.70. McNichols Plc dropped 18.60% to N7.00, University Press Plc lost 17.54% to N4.70, and R.T. Briscoe Plc declined 13.98% to N10.15. UPDC Real Estate Investment Trust fell 13.00% to N8.70, Universal Insurance Plc shed 12.87% to N0.88, Guinea Insurance Plc lost 12.62% to N0.90, NEM Insurance Plc dropped 12.07% to N25.50, Honeywell Flour Mill Plc declined 11.67% to N14.00, and The Initiates Plc fell 10.86% to N25.85.
What this means for the market
The profit-taking that drove the weekly loss reflects cautious investor sentiment amid mixed signals in the broader economy. With decliners far outnumbering gainers and market capitalisation shrinking by over N1 trillion, the bears remain in control. Investors will watch for fresh catalysts in the coming weeks to determine if the sell-off deepens or gives way to bargain hunting.