July 19, (THEWILL) — Nigeria’s equities market closed the week on a mixed note as sustained buying interest in banking stocks lifted market capitalisation, while the benchmark index posted a marginal decline amid profit-taking in selected industrial and consumer goods equities.
Investors traded 2.819 billion shares valued at ₦182.499 billion, lower than the 3.648 billion shares worth ₦220.568 billion exchanged in the previous week, reflecting a moderation in market activity after recent strong rallies.
The NGX All-Share Index (ASI) slipped 0.14 percent to close at 243,462.13 basis points. However, market capitalisation appreciated by 0.39 percent, settling at ₦157.057 trillion, indicating that gains in large-cap stocks more than offset the broader market weakness.
Banking Stocks Continue to Dominate Trading
The Financial Services sector maintained its position as the market’s primary driver, accounting for 2.006 billion shares valued at ₦99.697 billion, representing 71.17 percent of total traded volume and 54.63 percent of market value.
The Consumer Goods Industry followed with 178.863 million shares worth ₦7.872 billion, while the Oil and Gas Industry recorded 151.237 million shares valued at ₦38.309 billion.
Investor activity remained heavily concentrated in banking stocks. Trading in First Holdco Plc, FCMB Group Plc and Access Holdings Plc accounted for 939.402 million shares worth ₦57.673 billion, contributing 33.33 per cent of total traded volume and 31.60 percent of market value.
Market Breadth Weakens
Although investor appetite remained healthy, market breadth softened compared with the previous week.
A total of 44 equities appreciated in price, down from 60 recorded a week earlier, while 35 stocks declined, higher than the 28 losers posted in the previous week. Meanwhile, 67 equities closed unchanged, compared with 58 in the preceding week.
Sector performance was broadly positive, although the NGX Main Board, Consumer Goods, Oil & Gas, Lotus II, Industrial Goods, Growth and Sovereign Bond indices closed lower by 1.54 percent, 0.15 percent, 0.11 percent, 0.40 percent, 6.26 percent, 0.09 percent and 0.02 percent, respectively.
Top Gainers
1. FIRSTHOLDCO appreciated by 38.66 percent, (advancing from ₦69.20 to ₦95.95).
2. THOMASWY gained 27.16 percent, (rising from ₦2.43 to ₦3.09).
3. FIDELITYBK climbed 15.00 percent, (moving from ₦19.00 to ₦21.85).
4. LEARNAFRCA advanced 14.44 percent, (increasing from ₦9.00 to ₦10.30).
5. UBA appreciated by 10.98 percent, (closing higher from ₦41.00 to ₦45.50).
Top Decliners
1. BUACEMENT declined by 18.99 percent, (falling from ₦340.20 to ₦275.60).
2. REDSTAREX lost 18.53 percent, (dropping from ₦24.55 to ₦20.00).
3. INTENEGINS shed 15.27 percent, (easing from ₦5.50 to ₦4.66).
4. CILEASING depreciated by 13.28 percent, (slipping from ₦6.40 to ₦5.55).
5. PZ fell 10.06 percent, (declining from ₦90.00 to ₦80.95).
The fixed-income market also witnessed stronger participation during the week. Investors traded 344,753 bond units valued at ₦371.775 million, compared with 339,828 units worth ₦294.840 million in the previous week.
Investor sentiment remained constructive despite the moderation in trading activity. The continued dominance of banking stocks, coupled with strong price appreciation in First Holdco, UBA and Fidelity Bank, suggests institutional investors remain confident in the sector’s earnings outlook. However, the increase in declining stocks compared with the previous week indicates investors are becoming more selective, favouring fundamentally resilient counters while locking in gains on stocks that have enjoyed extended rallies.
Trading in the coming week is expected to remain driven by sector rotation as investors continue to rebalance portfolios following recent gains in banking stocks. While fundamentally strong financial institutions are likely to sustain investor interest, profit-taking in recently appreciated industrial and consumer goods counters may keep the market largely range-bound.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
