The Nigerian Exchange began the new trading week under pressure, with losses in major banking and consumer stocks pulling down key market indicators despite strong trading activity.
The All-Share Index (ASI) closed marginally lower as sell-offs in heavyweight counters, including Guaranty Trust Holding Company (GTCO), First HoldCo, and Nigerian Breweries, offset gains recorded in select equities. Given their significant market capitalization and index weighting, declines in these stocks had an outsized impact on overall market performance.
At the close of trading, the ASI shed 0.01 percent to settle at 166,112.50 points, while total market capitalization dipped correspondingly to ₦106.34 trillion.
Market activity, however, painted a mixed picture. Trading volume expanded by 16.62 percent to 629.6 million shares, while the number of executed deals climbed by 20.48 percent to 57,858 transactions. In contrast, the total value of trades declined by 11.74 percent to ₦14.75 billion, suggesting increased participation but lower average trade values.
Gainers dominated the session, with CHAMPION Breweries, LEARNAFRICA, NCR Nigeria, TRIPPLEG, and NEIMETH emerging as the top performers. On the flip side, IMG, HMCALL, LivingTrust Mortgage Bank, Ikeja Hotel, and Union Dicon Salt recorded the steepest losses.
Market analysts attributed the subdued performance primarily to price declines in Nigerian Breweries, which dropped 4.01 percent, alongside GTCO (-1.57 percent) and First HoldCo (-1.92 percent). These losses outweighed notable gains in Ecobank Transnational Incorporated (+6.38 percent), Zenith Bank (+2.22 percent), and Julius Berger Nigeria (+9.88 percent).
Despite the marginal index decline, market breadth remained positive at 1.79 times, reflecting underlying investor confidence. A total of 43 stocks advanced, compared to 24 decliners. CHAMPION, LEARNAFRICA, and NCR all closed at the maximum daily gain of 10 percent, while IMG led the laggards with a near-10 percent drop.
Sectoral performance was mixed. The Consumer Goods Index declined by 0.47 percent, largely due to selling pressure in Nigerian Breweries, while the Insurance Index fell by 0.06 percent, dragged down by AIICO Insurance’s 2.35 percent decline.
In contrast, the Banking Index edged up 0.28 percent, supported by renewed interest in ETI, while the Oil and Gas Index gained 0.06 percent on the back of modest gains in Oando. The Industrial Goods and Commodity indices closed flat, reflecting balanced demand within those segments.
Market watchers say investor sentiment remains cautiously optimistic, with selective buying expected to continue as participants rebalance portfolios amid earnings expectations and macroeconomic developments.
