Stock market ends week negative, index sheds 0.21%
By Seun Ibiyemi
The Nigerian stock market rounded off the trading week on a downbeat note, as key performance indicators edged lower on Friday due to renewed selling pressure from investors.
Specifically, the market capitalisation of the Nigerian Exchange Ltd. (NGX) declined by N141 billion, or 0.21 per cent, to settle at N65.706 trillion, a drop from the N65.847 trillion recorded at the close of trading on Thursday.
Similarly, the All-Share Index (ASI) lost 0.21 per cent, shedding 224.91 points to end the day at 104,563.34, compared to the 104,788.25 points posted in the previous session.
The downturn was primarily driven by profit-taking in several heavyweight equities, notably MTN Nigeria, Oando, and a handful of mid-cap stocks, which contributed to the overall market retreat.
Despite the decline, market breadth remained positive, with 36 gainers outpacing 20 laggards by the close of trading. This indicated that a good number of stocks still managed to post price increases, even as broader indices slipped.
Among the day’s top performers, Caverton Offshore Support Group led the charge, appreciating by 9.96 per cent to close at N2.54. VFD Group followed closely, with its share price climbing 9.90 per cent to settle at N87.70.
ABBEY Mortgage Bank also continued its upward trajectory, gaining 9.86 per cent to close at N6.13, while FTN Cocoa Processors added 9.83 per cent to finish at N1.90. Regency Alliance Insurance wasn’t far behind, rising by 9.43 per cent to close at 58 kobo per share.
On the flip side, Deap Capital Management was the worst performer for the day, losing 9.71 per cent to close at 93 kobo. Royal Exchange Plc also experienced a notable decline, dropping 9.09 per cent to end the day at 80 kobo per share.
Other decliners included Sovereign Trust Insurance, which fell by 7.61 per cent to close at 85 kobo, and Guinea Insurance, down by 7.35 per cent to close at 63 kobo. Oando Plc also dipped by 5.57 per cent to close at N39.00 per share.
Trading activity remained relatively strong, with a total of 379.95 million shares worth N10.10 billion exchanged in 10,791 transactions. However, this marked a slight decrease compared to the 432.56 million shares valued at N9.719 billion that were traded across 12,027 deals in the previous session.
Access Corporation dominated the day’s activity chart, with investors trading 73.220 million of its shares worth N1.505 billion. Zenith Bank followed with 33.35 million shares exchanged, valued at N1.647 billion. CUTIX Plc also recorded significant activity, with 29.66 million shares worth N63 million changing hands.
Guaranty Trust Holding Company posted a turnover of 25.68 million shares, amounting to N1.731 billion in value, while Fidelity Bank saw 19.65 million shares traded, worth N374 million.
Commenting on the market’s performance, Mr Aruna Kebira, a stockbroker with Global View Capital Ltd., remarked that the downturn marked a pullback following a modest recovery earlier in the week.
Also weighing in, Mrs Eyitola Adu, Director at Morgan Capital Securities Ltd., observed that several equities have started to rebound from prior losses.
“Quite a number of stocks are regaining ground after the earlier slump,” she noted. “The banking sector, in particular, is showing early signs of stabilising, while the Oil and Gas sector continues to enjoy upward momentum.”
