June 28 (THEWILL) — The Nigerian equities market closed the week on a negative note as sustained profit-taking and cautious investor sentiment weighed on overall market performance, despite an improvement in market breadth.
A total turnover of 2.324 billion shares worth ₦134.486 billion was traded in 249,328 deals, compared with 3.075 billion shares valued at ₦254.614 billion exchanged in the previous week, reflecting declines in both trading volume and value.
The Financial Services Industry maintained its dominance of market activity, accounting for 1.523 billion shares worth ₦47.542 billion traded, representing 65.53 percent of the total equity volume and 35.35 percent of the total value traded. The ICT Industry followed with 198.821 million shares valued at ₦32.622 billion, while the Consumer Goods Industry ranked third with 151.635 million shares worth ₦10.933 billion.
Trading in the three most active equities by volume, Access Holdings Plc, Fidelity Bank Plc and Chams Holding Company Plc accounted for 485.749 million shares valued at ₦7.656 billion, contributing 20.90 percent and 5.69 percent to total equity turnover volume and value, respectively.
The NGX All-Share Index (ASI) declined by 1.65 per cent to close at 232,049.02, while market capitalisation depreciated by 1.60 per cent to ₦148.905 trillion. Most sectoral indices ended lower during the week, although the NGX Consumer Goods Index, NGX Banking Index, NGX AFR Bank Value Index, NGX AFR Dividend Yield Index and NGX MERI Value Index recorded gains of 2.40 percent, 3.51 percent, 3.28 percent, 9.93 percent and 0.56 percent, respectively.
Market breadth, however, showed signs of improvement. Twenty-two equities recorded price appreciation during the week, compared with 11 in the preceding week. Meanwhile, 57 stocks declined, down from 78 previously, while 67 equities closed unchanged, compared with 57 a week earlier.
On the gainers side
McNichols Plc led the gainers with a 26.47 percent appreciation, advancing (from ₦6.80 to ₦8.60).
International Energy Insurance Plc followed with a 14.43 percent gain, (rising from ₦5.06 to ₦5.79).
Guaranty Trust Holding Company Plc appreciated by 10.69 percent (from ₦115.55 to ₦127.90).
First HoldCo Plc gained 10.00 percent, (climbing from ₦55.00 to ₦60.50).
Airtel Africa Plc also advanced by 10.00 percent, (rising from ₦3,962.60 to ₦4,358.80).
On the losers’ chart
Trans-Nationwide Express Plc recorded the steepest decline, shedding 26.79 percent (from ₦4.48 to ₦3.28).
DEAP Capital Management & Trust Plc fell by 23.31 percent (from ₦4.89 to ₦3.75).
Abbey Mortgage Bank Plc lost 20.30 percent, (declining from ₦10.10 to ₦8.05).
Aradel Holdings Plc dropped 19.00 percent (from ₦1,750.00 to ₦1,417.50).
Regency Assurance Plc shed 18.56 percent, (closing at ₦0.79 from ₦0.97).
In the bond market, investors traded 185,340 units valued at ₦191.483 million, compared with 151,573 units worth ₦160.590 million recorded in the previous week.
Investor sentiment remained broadly cautious throughout the week, with sustained profit-taking in several heavyweight counters outweighing bargain-hunting activities. However, the increase in the number of advancing stocks and the decline in weekly losers suggest that selective buying interest is gradually returning to the market.
Analysts expect investors to remain focused on half-year corporate earnings, macroeconomic developments and attractive valuations. While cautious trading may persist, improving market breadth and bargain hunting in fundamentally strong stocks could provide support for a gradual market recovery in the coming week.
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.
