NGX closes week in red as market cap sheds N2.1 trillion

The Nigerian Exchange ended the trading week on a bearish note, with the All-Share Index dropping 1.35% to close at 239,351.16 points. Market capitalisation also fell 1.33% to N154.534 trillion, shedding N2.1 trillion during the week.

Trading activity was subdued compared with the previous week. Investors exchanged 6.242 billion shares valued at N157.764 billion across 186,496 deals, a sharp drop from the 12.153 billion shares worth N176.058 billion traded in 224,146 deals the week before.

Financial services leads turnover

The Financial Services sector drove the bulk of activity, with 5.594 billion shares valued at N56.431 billion traded across 82,300 deals. That represented 89.62% of total equity turnover by volume and 35.77% by value.

The ICT sector came second, recording 143.704 million shares worth N29.793 billion in 23,740 deals. The Services sector followed with 138.672 million shares valued at N1.751 billion exchanged in 11,438 deals.

Three equities, Fortis Global Insurance Plc, Lasaco Assurance Plc and Consolidated Hallmark Holdings Plc, together accounted for 4.168 billion shares worth N9.249 billion in 1,660 deals. That represents 66.77% of total equity turnover volume and 5.86% of total value for the week.

Gainers and losers

Only 18 equities posted price gains during the week, down from 26 the week before. Meanwhile, 59 equities declined and 70 closed flat.

Haldane McCall Plc was the week's top gainer, with its share price climbing from N2.91 to N3.85, a rise of 32.30%. Trans-Nationwide Express Plc posted a 16.20% gain, while Dangote Sugar Refinery Plc, Cadbury Nigeria Plc and UACN Plc rounded out the top five advancers.

On the losing side, International Energy Insurance Plc was the biggest decliner of the week, its share price falling from N5.32 to N3.87, a drop of 27.26%. Fortis Global Insurance Plc followed with a 23.95% loss, while Royal Exchange Plc and Red Star Express Plc fell 18.49% and 18.33%, respectively.

Other notable decliners included UPDC Plc, which fell 10.67%; Nigerian Exchange Group Plc, down 10.66%; University Press Plc, down 10.28%; NEM Insurance Plc, down 10.18%; Aradel Holdings Plc, which shed 9.99% to close at N1,374.20; and Critical Minerals Financing Corp Plc, which dropped 9.94%.

What it means for the market

The week's outcome points to sustained selling pressure on the Nigerian equities market. Declines in both the All-Share Index and market capitalisation reflect weakening investor confidence across multiple sectors, with financial services and other heavyweights struggling to attract buyers.