By Oluyinka Onigbinde
The Nigerian Exchange (NGX) closed trading on Friday on a mixed note as investors engaged in profit-taking activities, causing the benchmark All-Share Index (ASI) to decline marginally by 0.29 per cent, even as the market capitalisation remained robust at N159.6 trillion.
Market data showed that the NGX All-Share Index shed 727.56 points to close at 247,103.84 points, reflecting mild bearish sentiment at the close of the week’s trading. However, the market still posted a 1.5 per cent gain for the week, a 6.49 per cent appreciation over the past four weeks, and an impressive 58.79 per cent year-to-date return, underscoring the resilience of the equities market despite Friday’s decline.
Trading activity also slowed compared with the previous session as investors exchanged 614.49 million shares valued at N32.92 billion in 55,200 deals.
Compared with Thursday’s trading session, transaction volume fell by 21 per cent, while turnover declined significantly by 41 per cent. However, the number of deals increased by 19 per cent, indicating sustained investor participation despite lower transaction values.
A total of 132 listed equities participated in trading, with 33 stocks recording gains against 25 losers, while the remaining equities closed unchanged.
Leading the gainers’ chart was Coronation Infrastructure Fund, which appreciated by 10 per cent to close at N127.60 per share. It was followed by C&I Leasing, which gained 9.48 per cent, Cornerstone Insurance Company with 9.09 per cent, and RT Briscoe, which advanced by 8.61 per cent.
On the losers’ table, Presco Plc recorded the highest decline, shedding 10 per cent to close at N2,070.00 per share. Other notable decliners included Thomas Wyatt Nigeria, down 9.93 per cent, Trans-Nationwide Express, which lost 8.44 per cent, and Royal Exchange, which fell 7.86 per cent.
In terms of trading volume, Access Holdings Plc emerged as the most actively traded stock with approximately 128 million shares changing hands. It was followed by First HoldCo with 35.4 million shares, Chams Plc with 34.8 million shares, and Zenith Bank Plc, which traded 30.4 million shares.
Sectoral performance reflected mixed investor sentiment across the market. The NGX Insurance Index outperformed other indices, rising 0.99 per cent, extending its weekly gain to 4.19 per cent, although it remains marginally negative by 0.49 per cent on a year-to-date basis.
Similarly, the NGX Consumer Goods Index recorded a modest gain of 0.25 per cent, while the NGX Industrial Index closed flat. The NGX Oil and Gas Index slipped marginally by 0.04 per cent, and the NGX Main Board Index declined by 0.24 per cent.
The NGX Top 30 Index, which tracks the performance of the Exchange’s most capitalised companies, also fell 0.33 per cent but maintained a strong 59.3 per cent year-to-date return.
Despite Friday’s mild pullback, market analysts say the Nigerian equities market continues to demonstrate resilience, supported by sustained investor confidence and strong year-to-date gains. The market’s capitalisation of N159.6 trillion, equivalent to approximately 117 billion dollars, reflects continued optimism, although intermittent profit-taking is expected as investors rebalance their portfolios following recent rallies.
Market watchers expect investors to continue monitoring corporate earnings releases, macroeconomic developments and monetary policy signals in the coming weeks for direction on the market’s next move.
