Nigeria’s equity market showed early signs of fatigue at the start of February as the recent rally moderated amid cautious bargain hunting and mixed investor sentiment, trading data from the Nigerian Exchange (NGX) indicates.
The benchmark All-Share Index (ASI) edged up marginally by 0.01 per cent in the first trading session of the month, keeping the market in positive territory and lifting year-to-date returns to 6.3 per cent. Despite closing in the green, market internals reflected growing pressure from profit-taking activities as sell-offs outpaced gains across several counters.
Investor sentiment remained divided, with stocks moving sharply in both directions. PREMPAINTS and UNIVINSURE topped the gainers’ table after both advanced by the maximum daily limit of 10 per cent. On the flip side, OMATEK led decliners, shedding 10 per cent during the session.
Trading activity was heavily concentrated in a handful of stocks. TANTALIZER emerged as the most actively traded equity by volume, recording transactions of 88.5 million shares. In value terms, ZENITHBANK dominated the session, with trades valued at ₦2.9 billion.
Market breadth remained negative, underscoring the cautious tone, as 44 stocks closed lower compared to 28 gainers.
Sectoral performance painted a mixed picture. The NGX Banking Index slipped by 0.64 per cent, weighed down by losses in ETI, FIDELITYBK, ACCESSCORP, and GTCO. However, gains recorded by ZENITHBANK, WEMABANK, FCMB, and STANBIC helped limit deeper losses within the sector.
The Consumer Goods Index also weakened, declining by 0.37 per cent following sell pressure in CHAMPION, HONYFLOUR, CADBURY, INTBREW, and PZ. MCNICHOLS, however, closed the session higher, offering modest support to the index.
In contrast, the Oil and Gas Index posted a strong gain of 2.0 per cent, largely driven by price appreciation in ARADEL, even as OANDO and JAPAULGOLD ended the day in negative territory.
Meanwhile, the Industrial Goods Index dipped slightly by 0.08 per cent due to losses recorded in BETAGLAS, AUSTINLAZ, CUTIX, and TRIPPLEG.
Total value traded across the exchange rose by 23.2 per cent to ₦13.1 billion, with activity concentrated in GTCO, ZENITHBANK, PZ, ARADEL, and FIRSTHOLDCO.
Looking ahead, analysts at AIICO Capital noted that current supply dynamics in the foreign exchange market are expected to keep the naira trading within a relatively stable range in the near term, barring any major shocks.
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