The Nigerian stock market ended the final trading session of the week on a bearish note, as the Nigerian Exchange Limited (NGX) witnessed a market capitalisation decline of N48 billion, underscoring continued investor apathy and cautious sentiment.
By the close of trading on Friday, the total market capitalisation had slipped to N70.5 trillion, down from N70.548 trillion recorded in the previous session. Similarly, the NGX All-Share Index shed 76.07 points, or 0.07 per cent, to settle at 111,742.01 points, reflecting a mild pullback in the overall market direction.
Despite the negative close, trading activity on the exchange surged significantly. Investors exchanged approximately 1.9 billion shares worth N64.15 billion in 18,653 deals. This marked a remarkable 242 per cent jump in trading volume and a 274 per cent spike in transaction value when compared to the prior day’s figures, suggesting heightened speculative interest and repositioning in certain counters.
Market breadth ended on a bearish tilt, as 37 equities recorded losses compared to 27 that gained, out of 128 stocks that participated in the session.
On the gainers’ chart, Omatek Ventures Plc led the pack with a 9.86 per cent rally to close at N0.78 per share. It was trailed by Red Star Express, which appreciated by 9.62 per cent, Deap Capital (9.38 per cent), and Sovereign Trust Insurance, which gained 9.09 per cent. May & Baker added 8.26 per cent to its value, while Cutix Plc closed with a 6.88 per cent uptick.
Conversely, losses were more pronounced on the decliners’ board. Beta Glass Plc and NCR Nigeria Plc both dropped the maximum daily allowable 10 per cent to close at N232.65 and N6.57 respectively. Conoil Plc followed closely with a 9.99 per cent decline, ending the session at N298.10. Legend Internet suffered a 9.94 per cent dip, closing at N6.16 per share.
Sector-wise performance was largely bearish. The Banking Index retreated by 0.36 per cent, while the Industrial Goods Index declined by 0.16 per cent. The Main Board Index also fell by 0.33 per cent. In contrast, the Premium Board Index posted a marginal gain of 0.47 per cent, reflecting relative strength among large-cap, blue-chip equities in that category.
Despite the day’s losses, the market retained a positive performance trajectory over broader periods. The NGX recorded a 2.49 per cent weekly gain, a four-week advance of 5.37 per cent, and a year-to-date return of 8.56 per cent. This suggests that, although short-term volatility persists, the longer-term sentiment remains mildly bullish.
In terms of volume, United Bank for Africa (UBA) dominated activity, accounting for over 1.41 billion units traded. United Capital followed with 66.8 million shares, Access Holdings recorded 54 million units, while Fidelity Bank contributed 31.4 million shares to the session’s turnover.
The session’s outcome signals a cautious market still reacting to macroeconomic headwinds and sectoral adjustments, though the underlying outlook shows resilience supported by recent gains in key indices.
