Profit-taking across major stocks erased N1.26 trillion from the Nigerian Exchange (NGX) during the trading week, halting a rally that had lifted the market in the previous session. The NGX All-Share Index (ASI) declined 0.84% to close at 245,283.68 points, while market capitalisation dipped 0.79% to N158.326 trillion.
Weekly data from the NGX showed a sharp negative shift in market breadth. Fifty-six stocks finished the week in the red, against just 33 that advanced, while 58 others closed flat. In the prior week, the market had recorded 57 gainers and 38 losers, a reversal that underscores the volatile nature of investor sentiment.
Sector Indices: Mixed Results
Although most sectoral indices ended the week lower, a few posted gains. The NGX Premium Index rose a marginal 0.02%, the NGX Insurance Index gained 1.72%, and the NGX Sovereign Bond Index advanced 0.27%. All other sector benchmarks closed in negative territory.
Turnover Jumps to N404.8 Billion
Investor activity surged despite the market's downward trajectory. A total of 5.119 billion shares valued at N404.762 billion were traded in 285,223 deals, compared with 4.433 billion shares worth N306.143 billion in 255,589 deals in the preceding week. This represents a substantial increase in both volume and value, with the number of deals rising by more than 11% week-on-week.
The financial services industry again dominated trading, contributing 3.918 billion shares valued at N271.428 billion across 123,514 deals.
Top Gainers of the Week
Critical Minerals Financing Corp Plc turned in the best performance of the week, surging 22.78% to close at N3.88. Coronation Infrastructure Fund followed with a 20.92% gain, while Thomas Wyatt Nigeria Plc rose 20.66%. Consolidated Hallmark Holdings Plc climbed 19.60%, Lasaco Assurance Plc gained 18.68%, and VFD Group Plc advanced 12.21%.
Other notable gainers included AVA Capital Plc (10.00%), Eterna Plc (8.20%), NEM Insurance Plc (7.89%), and Transnational Corporation Plc (7.55%).
Top Losers: Associated Bus Plc Tumbles
Associated Bus Company Plc was the week's biggest decliner, losing 18.44% to close at N5.75. Fortis Global Insurance Plc fell 16.13%, Tripple Gee and Company Plc shed 15.54%, and Veritas Kapital Assurance Plc declined 15.38%.
International Breweries Plc dropped 13.87%, Omatek Ventures Plc lost 12.90%, C & I Leasing Plc fell 12.60%, The Initiates Plc declined 12.50%, Austin Laz & Company Plc shed 12.40%, and Haldane McCall Plc closed 11.55% lower.
Corporate Action: FBNQuest Divestment Completed
In a significant corporate development, First HoldCo Plc finalised the sale of its entire stake in FBNQuest Merchant Bank Limited to EverQuest Group. The parent company of First Bank of Nigeria said the divestment was part of a strategy to optimise capital allocation and strengthen its commercial banking operations. EverQuest Acquisition LLP, a consortium of investment and financial services firms, emerged as the preferred bidder after a competitive process.
Market watchers are now looking ahead to see whether the profit-taking will extend into the coming week, or if bargain hunters will step in to support valuations. The NGX's recent turnover levels suggest that investor engagement remains high, even amid price corrections.
