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The Nigerian stock market ended the week on a subdued note as sustained profit-taking kept the benchmark index in negative territory despite renewed buying interest in selected stocks.
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Eterna, Regal Insurance, Consolidated Hallmark and Associated Bus Company Plc led the gainers’ chart, while FTG Insurance and Chemical & Allied Products topped the losers’ list.
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Market breadth remained positive with 34 gainers against 29 decliners, suggesting bargain hunting persisted despite the market’s marginal decline.
July 31, (THEWILL) — The Nigerian stock market closed the week’s final trading session slightly lower as profit-taking in selected equities outweighed gains in several mid-cap stocks, leaving key market indicators in the red.
The Nigerian Exchange (NGX) All-Share Index (ASI) declined marginally by 0.03 percent, easing from an opening level of 245,362.26 basis points to close at 245,283.68 basis points.
Similarly, market capitalisation slipped from an opening value of ₦158.339 trillion to ₦158.326 trillion at the close of trading, translating to a loss of approximately ₦13 billion in investors’ wealth.
Despite the decline, market breadth closed positive, with 34 equities advancing against 29 decliners, indicating that bargain hunting remained active across selected counters.
Price Session
Top Five Gainers
• Eterna Plc appreciated by 10.00 percent (rising from ₦30.00 to ₦33.00).
• Regal Insurance Plc gained 10.00 percent (advancing from ₦0.80 to ₦0.88).
• Consolidated Hallmark Holdings Plc appreciated by 10.00 percent (moving from ₦7.60 to ₦8.36).
• AVA Capital Plc gained 10.00 percent (climbing from ₦7.50 to ₦8.25).
• McNichols Plc rose by 9.52 percent (increasing from ₦5.25 to ₦5.75).
Top Five Decliners
• FTG Insurance Plc declined by 10.00 percent (falling from ₦2.60 to ₦2.34).
• Chemical & Allied Products Plc (CAP) shed 9.97 percent (dropping from ₦142.45 to ₦128.25),
• Veritas Kapital Assurance Plc lost 9.49 percent (declining from ₦1.58 to ₦1.43).
• Vitafoam Nigeria Plc depreciated by 7.70 percent (easing from ₦194.80 to ₦179.80).
• The Initiates Plc (TIP) fell by 6.67 percent (slipping from ₦30.00 to ₦28.00).
Meanwhile, Dangote Cement Plc, U.A.C.N Plc, Okomu Oil Palm Plc, Julius Berger Nigeria Plc and Golden Guinea Breweries Plc, among other heavyweight stocks, closed flat for the session.
Investor sentiment remained mixed as bargain hunting in selected industrial and insurance stocks offset sustained profit-taking in consumer goods and manufacturing counters.
The positive market breadth suggests investors continued to selectively accumulate fundamentally attractive stocks despite the broader market weakness.
market is expected to begin the new week on a cautious note as investors digest recent price corrections and position for upcoming corporate earnings and macroeconomic developments.
Bargain hunting is likely to persist in fundamentally strong counters, although intermittent profit-taking could continue to limit broad market gains.
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.
