The Nigerian stock market extended its losing streak last week, with investors recording a N439 billion loss as bearish sentiment continued to weigh on trading.
The NGX All-Share Index (ASI) dipped by 0.50% week-on-week to close at 140,295.50 points, while market capitalisation fell to N88.77 trillion, dragging the year-to-date return to 36.31%.
Market breadth reflected the weak sentiment, with only 31 gainers against 57 losers. McNichols Plc led the gainers with an 18.75% rise to N3.80 per share, followed by NEM Insurance (+17.29% to N31.20) and Berger Paints (+15.31% to N36.90).
On the flip side, Secure Electronic Technology topped the losers’ chart, plunging 22.73% to 85 kobo per share. Guinea Insurance shed 19.77% to N1.42, while Lasaco Assurance dropped 13.29% to N3.00 per share.
Trading activity also weakened, as investors exchanged 3.20 billion shares worth N85.40 billion in 142,477 deals, compared with 4.77 billion shares valued at N107.43 billion in 152,965 deals the previous week.
Outlook for the Week
Analysts remain divided on near-term market direction. United Capital Plc projects cautious optimism, citing expectations of a potential CBN interest rate cut, moderating inflation, and relative naira stability.
Cowry Asset Management Limited expects a range-bound market with a bearish tilt, noting that sell pressure in the banking and industrial goods sectors could persist, though bargain-hunting in consumer goods and insurance stocks may spur mild rebounds.
Meanwhile, Afrinvest Limited forecasts a modest recovery, driven by selective buying opportunities following recent price corrections and improved liquidity from FAAC disbursements.
