The Nigerian Exchange (NGX) experienced a decline of ₦109.98 billion in market capitalisation during a shortened trading week, as investors continued profit-taking activities despite strong earnings releases from top-tier banks.
The market kicked off April on a bearish trajectory, continuing the downtrend observed in March, which closed with a 2.0% month-on-month drop. The NGX All-Share Index (ASI) slipped by 0.14% week-on-week to finish at 105,511.89 points, despite the publication of robust full-year 2024 financial statements and attractive dividend proposals—especially from the banking sector.
Investor sentiment remained cautious as portfolio rebalancing took center stage at the beginning of a new quarter, according to Cowry Asset Limited’s market report.
Adding to the bearish tone, the exchange delisted Capital Oil Plc, Goldlink Insurance Plc, and Medview Airlines Plc over regulatory compliance failures.
Despite recent volatility, the NGX maintains a year-to-date return of +2.51%, though market activity was significantly reduced last week.
Stockbroker data indicated a 30.85% drop in total trades to 42,397 transactions. Traded volume and value also plummeted by 84.26% and 92.76%, respectively, to 1.18 billion units worth ₦28.87 billion—attributed to fewer trading days.
Market breadth remained weak at 0.41x, with 21 gainers compared to 51 laggards, reinforcing bearish sentiment.
Sectoral performance showed widespread declines except for the NGX Banking Index, which gained 1.50% week-on-week, buoyed by investor confidence in stocks such as GTCO, FIDELITYBNK, ACCESSCORP, and WEMABANK.
The NGX Insurance Index recorded the steepest drop, down by 5.36%, followed by the Oil & Gas (-1.20%), Consumer Goods (-0.70%), and Industrial Goods (-0.22%) indexes. Major drags included SUNUASSUR, UNIVINSURE, OANDO, TANTALIZER, PZ Cussons, WAPCO, and CUTIX.
The NGX Commodity Index remained unchanged over the week.
Top-performing equities included VFDGROUP (+20.8%), UNIONDICON (+19.6%), AFRIPRUD (+15.7%), NGXGROUP (+11.9%), and UPDCREIT (+10.9%).
On the flip side, UACN (-18.3%), SUNUASSUR (-13.4%), UNIVINSURE (-13.3%), OANDO (-13.1%), and CHIPLC (-12.8%) were among the week’s worst performers.
With investor focus shifting to dividend reinvestment and macroeconomic indicators, Cowry Asset analysts forecast a mixed market trend in the coming week. Market sentiment will likely be influenced by global developments and ongoing domestic policy signals.
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