The Nigerian equities market ended the trading week on a bearish note, with market capitalisation shedding N1.889 trillion to close at N156.624 trillion. The NGX All-Share Index declined by 1.14% week-on-week to settle at 242,770.94 points, according to data from the Nigerian Exchange (NGX).
Market Performance and Key Drivers
The market traded negatively for most of the week, with four of the five trading sessions recording losses. Selling pressure on major stocks, including BUA Foods Plc, MTN Nigeria Communications Plc, and HBM Nigeria Plc, was among the key factors behind the weak performance. As a result, the market's year-to-date return moderated to 56.01%.
Market breadth remained negative, with 59 stocks recording price declines compared with 26 gainers, indicating that the bearish sentiment was broad-based. The decline was led by AVA Capital Plc, which fell by 34.55%, and Unilever Nigeria Plc, which dropped 18.94%.
Trading Activity and Sector Breakdown
Investors traded a total of 12.153 billion shares worth N176.058 billion in 224,146 deals during the week. This turnover was significantly higher than the previous week's activity. The Financial Services sector dominated trading, accounting for 11.212 billion shares worth N88.991 billion, representing 92.25% of the total volume.
The Information and Communications Technology (ICT) sector followed with 246.127 million shares worth N51.605 billion, while the Services sector recorded 198.195 million shares worth N1.995 billion. The top three stocks by volume accounted for 9.488 billion shares worth N36.219 billion, representing 78.07% of the total turnover.
Top Gainers and Losers
Despite the overall decline, some stocks recorded gains. Trans-Nationwide Express Plc led the gainers with a 32.09% increase, rising from N2.15 to N2.84. International Energy Insurance Plc followed with a 31.68% gain, while Sovereign Trust Insurance Plc rose by 13.77%. Other gainers included Chams Holding Company Plc (12.25%), CWG Plc (9.74%), and Airtel Africa Plc (8.59%).
On the losing side, AVA Capital Plc recorded the steepest decline, falling 34.55% from N11.00 to N7.20. Unilever Nigeria Plc dropped 18.94% to N118.30, and Zichis Agro Allied Industries Plc fell 15.08%. Other notable decliners included Thomas Wyatt Nigeria Plc (-14.33%), Dangote Sugar Refinery Plc (-11.58%), and BUA Foods Plc, which lost 10.00% to close at N760.60.
Related Development: Dangote Refinery IPO Application
In a related development, Legit.ng reported that Dangote Petroleum Refinery has filed a formal application with Nigeria's Securities and Exchange Commission (SEC) to begin the regulatory process for an initial public offering. This brings the company one step closer to what is expected to be Africa's largest stock market listing.
SEC Director-General Emomotimi Agama confirmed the development, stating that the refinery's advisers are already working with company officials and the regulator to move the application forward. He added that the commission does not foresee any delays that could disrupt the planned share sale.
