June 21 (THEWILL) —The Nigerian Exchange (NGX) closed the week on a bearish note as sustained sell pressure across major counters dragged key performance indicators lower, wiping approximately ₦5.64 trillion from investors’ wealth.
The NGX All-Share Index (ASI) depreciated by 3.59 percent to close at 235,941.27 points, while market capitalisation declined to ₦151.327 trillion.
Trading activity, however, strengthened during the week as investors exchanged 3.075 billion shares worth ₦254.614 billion, compared with 4.964 billion shares valued at ₦207.521 billion recorded in the previous week.
Sectoral analysis showed that the Financial Services Industry dominated trading activity with 2.074 billion shares worth ₦64.490 billion, accounting for 67.44 percent and 25.33 percent of total equity turnover volume and value respectively. The Services Industry followed with 175.743 million shares valued at ₦2.759 billion, while the Consumer Goods Industry occupied third position with 133.375 million shares worth ₦12.680 billion.
Trading in Access Holdings Plc, Sterling Financial Holdings Company Plc and Jaiz Bank Plc accounted for 819.234 million shares valued at ₦12.247 million, contributing 26.64 per cent and 4.81 per cent to total turnover volume and value respectively.
Market breadth weakened significantly as only 11 equities advanced during the week, compared to 40 in the preceding week, while 78 stocks declined against 53 recorded previously. Meanwhile, 57 equities closed unchanged.
Top 5 Gainers
1. Cornerstone Insurance Plc emerged as the week’s best-performing stock, rising by 11.01 percent (from ₦5.45 to ₦6.05).
2. Academy Press Plc recorded a strong gain of 8.72 percent, (advancing from ₦7.45 to ₦8.10).
3. Conoil Plc posted an impressive appreciation of 8.25 percent (to close at ₦210.00 from ₦194.00).
4. Neimeth International Pharmaceuticals Plc recorded a moderate gain of 4.68 percent, (climbing from ₦8.55 to ₦8.95).
5. Ikeja Hotel Plc completed the top gainers chart with a positive uptick of 3.36 percent, (moving from ₦43.15 to ₦44.60).
Top 5 Decliners
1. International Energy Insurance Plc led the losers’ chart with a decline of 28.83 percent, (falling from ₦7.11 to ₦5.06).
2. First HoldCo Plc suffered a loss of 20.29 percent, (dropping from ₦69.00 to ₦55.00).
3. John Holt Plc recorded a sharp depreciation of 17.65 percent, (closing at ₦11.20 from ₦13.60).
4. Nigerian Aviation Handling Company Plc (NAHCO) posted a notable decline of 17.27 percent (to ₦148.50 from ₦179.50).
5. Zochis Agro-Allied Industries Plc shed 16.13 percent, (declining from ₦31.00 to ₦26.00).
In the fixed-income segment, a total of 151,573 bond units valued at ₦160.590 million were traded during the week, compared with 61,816 units worth ₦63.250 million recorded in the previous week.
Investor sentiment remained broadly negative throughout the week, as reflected in the overwhelmingly weak market breadth and widespread profit-taking across financial, industrial and consumer goods stocks. The ratio of 78 decliners to 11 gainers underscores the cautious mood among investors amid sustained market volatility.
Market analysts expect bargain hunting to emerge in fundamentally strong counters following the week’s steep decline. However, cautious positioning and continued profit-taking may keep the market under pressure in the near term, with investors likely to focus on corporate earnings prospects and macroeconomic developments for direction.
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.
