The Nigerian Exchange (NGX) All-Share Index ended a four-week bullish run with a 0.62% weekly decline, settling at 109,028.62 points, as investors adjusted their portfolios in response to the Central Bank of Nigeria’s decision to hold interest rates steady.
The decision, announced after the apex bank’s 300th Monetary Policy Committee meeting, triggered broad-based sell-offs, especially in the banking and oil & gas sectors. Market capitalisation also dipped—albeit marginally—by 0.29% to N68.75 trillion, partly due to the listing of 34.2 billion new ordinary shares from UBA’s rights issue, which contributed to a notional N201.4 billion drop in investor wealth.
Despite the retreat, investor participation remained strong. Weekly trading volume surged 50.8% to 3.92 billion shares across 105,012 deals—up 35.7% from the previous week. Turnover value also rose 17.2% to N74.61 billion, reflecting resilient investor interest.
Sector performance was mixed:
- Gainers: Consumer Goods (+2.18%) led by Nestlé Nigeria, Guinness, and Tantalizers; Insurance (+0.73%) and Industrial Goods (+0.72%) also posted gains on renewed buying interest in stocks like Regal Insurance, Custodian Investment, and Beta Glass.
- Laggards: Oil & Gas (-3.44%) posted the steepest loss, followed by Banking (-1.52%) and Commodities (-0.75%), dragged by stocks such as Aradel Holdings, Fidelity Bank, and Zenith Bank.
Top weekly performers included Regal Insurance (+18.2%), Linkage Assurance (+17.6%), and Tantalizers (+17.4%). On the downside, Chellarams (-10.0%), Caverton Offshore (-9.5%), and Learn Africa (-8.9%) led the decliners.
Analysts at Cowry Asset Limited expect market sentiment to remain cautiously optimistic ahead of Nigeria’s Q1 2025 GDP release, which could drive renewed interest if growth projections are confirmed. Ongoing corporate earnings announcements are also likely to influence investor decisions in the coming weeks.
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