The Nigerian equities market closed last week on a sour note, shedding ₦832bn in value as bearish sentiment and risk-off trades tightened their grip on the bourse.
The NGX All-Share Index fell 0.94 per cent week-on-week to settle at 138,980.01 points, while market capitalisation dropped to ₦87.94tn. The downturn pared year-to-date gains to 35.03 per cent, underscoring the impact of persistent macroeconomic headwinds on investor confidence.
Market breadth remained firmly negative, with just 19 gainers against 63 losers. Sovereign Trust Insurance topped the gainers’ chart, rising 14.23 per cent to close at ₦2.97 per share. Secure Electronic Technology added 12.94 per cent to 96 kobo, while Cornerstone Insurance advanced 12.36 per cent to ₦7.18.
On the flip side, DAAR Communications led the losers, plunging 21.10 per cent to 86 kobo. UPDC and AIICO Insurance both slipped 13.61 per cent to ₦3.49 per share.
Turnover for the week stood at 3.12bn shares worth ₦90.30bn across 118,018 deals—slightly lower in volume but higher in value compared with the previous week’s 3.20bn shares valued at ₦85.40bn.
Looking ahead, analysts expect trading to remain cautious. Cowry Asset Management noted that inflationary pressures, currency volatility, and policy uncertainty will likely keep sentiment weak, though bargain-hunting in oversold stocks could trigger mild rebounds.
United Capital Plc, however, pointed to a potential turnaround, citing the market’s oversold position and the anticipated release of H1 2025 earnings from tier-one banks as possible catalysts.
