In the holiday-shortened week, the domestic stock market closed on a bearish note, as the market capitalisation lost N110 billion.
The weekly loss was recorded despite the release of impressive 2024 audited financials and generous dividend declarations, particularly from the banking sector.
The market opened for three trading days last week as the federal government declared Monday March 31st and Tuesday April 1st, 2025, as Public Holidays to commemorate the 2025 Eid el Fitr celebration.
The All-Share Index (ASI) declined by 0.14 per cent week-on-week to close at 105,511.89 points. Similarly, market capitalisation lost N110 billion to close the week at N66.147 trillion.
On the sectoral front, performance was largely negative, with the exception of the NGX Banking index, which rose by 1.50 per cent week-on-week. Meanwhile, the NGX Insurance index led sectoral losses, declining by 5.36 per cent.
NGX Oil & Gas index followed with a weekly loss of 1.20 per cent, while NGX Consumer Goods and Industrial Goods indices lost 0.70 per cent and 0.22 per cent respectively. The NGX Commodity index remained flat for the week.
The market breadth for the week was positive as 23 equities appreciated in price, 51 equities depreciated in price, while 73 equities remained unchanged. VFD Group led the gainers table by 20.76 per cent to close at N57.00, per share.
Union Dicon Salt followed with a gain of 19.59 per cent to close at N5.80, while Africa Prudential went up by 15.71 per cent to close to N15.10, per share.
On the other side, UACN led the decliners table by 18.31 per cent to close at N29.00, per share. SUNU Assurance followed with a loss of 13.38 per cent to close at N5.76, while Universal Insurance declined by 13.33 per cent to close at 52 kobo, per share.
Overall, a total turnover of 1.183 billion shares worth N28.868 billion in 42,397 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 7.521 billion shares valued at N398.949 billion that exchanged hands prior week in 61,312 deals.
Looking ahead, Cowry Assets Management Limited said, “the market is expected to trade mixed in the coming week as investors respond to ongoing dividend announcements and seek to reinvest earnings in fundamentally strong stocks. However, global market developments and local macroeconomic signals will continue to shape investor sentiment and market direction.”
The chief operating officer of InvestData Consulting Limited, Ambrose Omordion stated that, “we expect mixed sentiment to continue, as players digest earnings reports and target fundamentally sound stocks with strong earnings power and high payout, even as bargain hunting, profit taking and portfolio reshuffling persists.
“A few more earnings are expected to hit the market with dividend announcement in the coming days, while sector rotation and portfolio rebalancing continue in the market with investors taking advantage of price correction to buy into value.”
He added that, “this is amid the volatility and pullbacks that add more strength to upside potential. Consequently, investors should take advantage of price correction. Also looking at the trends and events across the globe and domestically.”
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