The Nigerian Exchange (NGX) ended trading on a negative note last week, as the All-Share Index (ASI) declined 0.5% week-on-week (w/w) to close at 140,295.50 points. Market capitalisation fell to ₦88.77 trillion, reflecting broad-based selloffs across key sectors.
Despite the pullback, market returns remained positive Month-to-Date (+0.3%) and Year-to-Date (+36.3%), underlining longer-term resilience.
The downturn was attributed to persistent sell pressure on blue-chip stocks, particularly in the banking and industrial goods sectors. Notable laggards included Zenith Bank (-5.7%), ETI (-6.8%), GTCO (-2.1%), and WAPCO (-3.4%). Analysts suggested that investors may be rotating portfolios into safer assets, driven by rising fixed-income yields and macroeconomic uncertainty.
In contrast, select mid- and small-cap stocks attracted speculative inflows. Learn Africa (+9.86%), Union Dicon (+8.04%), Prestige Assurance (+6.75%), Academy Press (+6.11%), Omatak (+6.06%), Berger Paints (+5.73%), RT Briscoe (+5.36%), and Caverton Offshore (+5.34%) posted impressive gains.
Sectoral performance was largely negative as Banking (-1.2%), Insurance (-1.0%), Consumer Goods (-0.9%), Industrial Goods (-0.4%), and Oil & Gas (-0.2%) all closed lower.
Analysts expect the market to trade sideways in the near term absent new policy drivers or corporate actions. However, the Q3 2025 earnings season in October may provide fresh momentum.
Medium-term market trajectory will depend on GDP growth, inflation and FX stability, CBN monetary policy direction, fixed-income yields, and corporate earnings guidance.
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