The Nigerian Exchange (NGX) recorded a significant decline in the past week as bearish sentiment wiped out approximately N2.3 trillion from the market’s capitalization. The downturn extended the negative performance observed in the preceding week, signalling continued pressure across key equities.
Market data showed that widespread sell-offs across banking, insurance, oil and gas, and industrial goods sectors dragged performance indicators lower. Analysts attributed the slump to prevailing bearish sentiment and weak investor confidence, which has limited buying interest.
However, the Consumer Goods Index managed to buck the negative trend, advancing by 0.83% week-on-week. According to Cowry Asset Limited, renewed optimism in stocks such as International Breweries Plc and Champion Breweries boosted resilience in the consumer sector.
The All-Share Index (ASI) closed at 144,628.20 points, down 0.77% from 145,754.91 points in the previous week. Correspondingly, market capitalization fell by N2.29 trillion to settle at N89.21 trillion, reducing year-to-date gains to 37.00%.
Market breadth weakened, with 43 gainers against 54 losers, reflecting cautious sentiment among traders. Activity levels also dipped as total deals fell by 14.21% to 152,634, while trade volume declined 36.65% to 5.43 billion units. Despite this slowdown, trade value increased by 8.47% to N89 trillion due to higher-value transactions.
Sectoral performance was broadly negative, with four out of six tracked indices ending in the red. The Industrial Goods Index led the decline with an 8.42% loss, while banking, insurance, and oil and gas sectors also closed weaker. Meanwhile, consumer goods stood out as the only gainer.
Among top-performing stocks were AUSTINLAZ (+20.8%), NCR (+20.7%), ENAMELWA (+19.4%), GUINEAINS (+18.8%), and MBENEFIT (+14.3%). On the downside, THOMASWY (-18.9%), NEM (-18.2%), STANBIC (-15.4%), LASACO (-14.6%), and RTBRISCOE (-13.9%) ranked as the week’s worst performers.
Looking ahead, analysts at Cowry Asset Management Limited expect mixed trading sentiment to dominate in the coming week. They warned that pressure on banking and industrial stocks could persist due to macroeconomic concerns and tight liquidity, although bargain-hunting in oversold counters might spur mild recoveries.
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