Investors Lose N107.70bn Amid ASI’s 0.46% Weekly Decline
Samuel Mobolaji
The Nigerian equities market experienced a challenging week, with the All-Share Index (ASI) falling by 0.46 per cent week-on-week, as the market capitalization decreased by N107.70 billion, ending the week at N55.50 trillion.
This decline was largely influenced by substantial losses in major stocks, including MTNN, which dropped by 5.00 per cent, FBNH, down 2.38 per cent, and UBA, which saw a decrease of 4.75 per cent.
However, last trading today’s trading session of the week brought a glimmer of optimism, as the benchmark index rebounded by 0.40 per cent to close at 97,745.73 points, ending eight consecutive days of losses.
The recovery was driven by investor interest in stocks such as GTCO (+2.27 per cent), ZENITHBANK (+2.86 per cent), and UBA (+1.26 per cent). This uptick improved the ASI’s year-to-date return to 30.72 per cent and contributed to a market capitalization gain of N219.14 billion for the day.
Consequently, Friday’s trading activity saw a reduction in trade turnover, with transaction values dropping by 53.68 per cent from the previous session. A total of 210.91 million shares, valued at N3.95 billion, were exchanged in 6,603 deals. UBA led the trading charts with 37.64 million shares traded, amounting to N752.02 million in value.
Market breadth was positive, with advancing stocks outnumbering decliners at a ratio of 3.40-to-1. OKOMUOIL led the gainers with a 10.00 per cent rise, while MECURE topped the losers with a 9.82 per cent decline.
On the sectoral front, the NGX Consumer Goods Index (-3.33 per cent w/w) was the largest decliner, followed by the NGX Pension Index (-0.97 per cent w/w), NGX 30 Index (-0.60 per cent w/w), NGX Banking Index (-0.48 per cent w/w), and NGX Industrial Index (-0.01 per cent w/w). In contrast, the NGX Oil and Gas Index (+4.27 per cent w/w) and the NGX Insurance Index (+1.59 per cent w/w) saw gains.
Despite today’s positive performance, the week’s overall results underscore the market’s ongoing volatility and sector-specific challenges.
