Nigerian stock market sheds N1.26 trillion despite higher trading activity
By Aboki Forex —
The Nigerian Exchange closed the trading week with a N1.26 trillion loss in market value as profit-taking swept through major stocks. The NGX All-Share Index fell 0.84% to 245,283.68 points, while market capitalisation dropped 0.79% to N158.326 trillion.
Market breadth turned negative, with 56 stocks recording losses against only 33 that posted gains during the week. A further 58 equities ended unchanged. The previous week had seen 57 gainers against 38 losers, showing how quickly sentiment shifted.
Trading activity jumps sharply
Despite the broader decline, investor participation picked up. Total turnover reached 5.119 billion shares worth N404.762 billion across 285,223 deals, compared with 4.433 billion shares valued at N306.143 billion in 255,589 deals the week before.
The Financial Services industry dominated activity, accounting for 3.918 billion shares valued at N271.428 billion in 123,514 deals. The NGX Premium Index edged up 0.02%, the NGX Insurance Index rose 1.72%, and the NGX Sovereign Bond Index added 0.27%, while every other sectoral index closed in the red.
Top gainers and losers
Critical Minerals Financing Corp Plc emerged as the week's best-performing stock, gaining 22.78% to close at N3.88 from N3.16. Other top performers included Coronation Infrastructure Fund (+20.92%), Thomas Wyatt Nigeria Plc (+20.66%), Consolidated Hallmark Holdings Plc (+19.60%), Lasaco Assurance Plc (+18.68%), VFD Group Plc (+12.21%), AVA Capital Plc (+10.00%), Eterna Plc (+8.20%), NEM Insurance Plc (+7.89%), and Transnational Corporation Plc (+7.55%).
Associated Bus Company Plc led the laggards, shedding 18.44% to close at N5.75 from N7.05. Other major decliners were Fortis Global Insurance Plc (-16.13%), Tripple Gee and Company Plc (-15.54%), Veritas Kapital Assurance Plc (-15.38%), International Breweries Plc (-13.87%), Omatek Ventures Plc (-12.90%), C & I Leasing Plc (-12.60%), The Initiates Plc (-12.50%), Austin Laz & Company Plc (-12.40%), and Haldane McCall Plc (-11.55%).
The week's loss reversed part of the gains recorded in the previous week, leaving investors to weigh the impact of higher trading activity against a broad sell-off across most sectors.