Equities investors loses N441bn as ASI slips 0.90% weekly
BY TEMITOPE ADEBAYO
The Nigerian equities market closed last week deep in the red, shedding N441 billion in market capitalisation as the All-Share Index (ASI) dropped by 0.90 per cent week-on-week to settle at 104,563.34 points.
Market capitalisation fell in tandem, closing at N65.707 trillion, highlighting sustained investor caution despite corporate earnings and dividend announcements.
Sectoral performance painted a broadly negative picture, with the NGX Insurance index leading the slide, down 4.57 per cent for the week. The NGX Banking index followed with a 2.20 per cent drop, while the NGX Consumer Goods and NGX Oil & Gas indices lost 0.61 per cent and 0.50 per cent, respectively. The Industrial Goods and Commodity indices also dipped slightly, by 0.26 per cent and 0.10 per cent.
Market sentiment remained weak as losers outpaced gainers — 56 stocks closed lower against 27 gainers, while 64 equities closed flat. VFD Group topped the winners’ chart with a surge of 53.86 per cent to close at N87.70 per share, followed by Union Dicon Salt with a 31.03 per cent gain, and Abbey Mortgage Bank, up 29.60 per cent to N6.13.
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On the flip side, Royal Exchange suffered the steepest decline, sliding 20.79 per cent to 80 kobo per share, while Cornerstone Insurance and Sovereign Trust Insurance fell by 15.15 per cent and 15.00 per cent to close at N2.80 and 85 kobo, respectively.
Trading activity, however, saw a significant uptick. Investors exchanged 2.094 billion shares worth N52.967 billion in 64,612 deals — a sharp rise from the previous week’s 1.183 billion shares valued at N28.868 billion in 42,397 deals.
The Financial Services sector dominated both volume and value, recording 1.539 billion shares worth N36.353 billion in 36,013 deals, representing 73.49 per cent and 68.63 per cent of total turnover, respectively. The Agriculture sector followed distantly with 98.884 million shares worth N1.344 billion, while the Services sector recorded 93 million shares valued at N522.147 million.
Access Holdings, Guaranty Trust Holding Company (GTCO), and Zenith Bank emerged as the most traded equities, accounting for 629.327 million shares valued at N25.820 billion — a combined 30.06 per cent of total volume and 48.75 per cent of total value.
Looking ahead, analysts expect a mixed trading week as portfolio rebalancing continues and investor sentiment hinges on the release of March’s inflation data and Q1 macroeconomic reports. While the market remains technically oversold, any sustained rebound will likely depend on clearer economic signals and stronger earnings catalysts.
