Dangote Sugar Refinery Plc and banking stocks, including FCMB, Jaiz Bank, and others, led a decline on the Nigerian Exchange (NGX) on Friday as sell pressures dampened investor sentiment. As a result, the NGX All-Share Index recorded a marginal drop, though stockbrokers remained optimistic that the market could rebound before the close of trading.
Investor sentiment turned negative amidst shifting market dynamics, with large transactions exiting the open market. In the first quarter of 2025, block trades surged across various sectors, influencing overall market performance.
By mid-day, the NGX All-Share Index slipped by 0.01%, according to a market update from Alpha Morgan Capital Limited. Analysts attributed the downturn to profit-taking and sell-offs in mid- to high-cap stocks.
Key decliners included Dangote Sugar (-4.48%), FCMB (-4.40%), Jaiz Bank (-3.03%), UCAP (-0.66%), Fidelity Bank (-0.26%), and Access Corporation (-0.22%). Market watchers say continued pressure on these stocks could extend the bearish sentiment into the next trading session.
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