The Nigerian equities market took a sharp hit, shedding ₦4.91 trillion in market value for the week ending June 5. This happened even with a surge in trading activity, as shares worth ₦175.66 billion were exchanged, driven by widespread profit-taking across major sectors.
Market data released by the Exchange showed that investors traded a total of 3.97 billion shares valued at ₦175.66 billion in 343,587 deals, representing a substantial increase from the 2.40 billion shares worth ₦111.48 billion traded in 241,313 deals during the previous week.
However, the heightened trading activity failed to prevent a broad market downturn. The NGX All-Share Index (ASI) declined by 3.11 per cent to close at 242,593.31 points from 250,385.47 points recorded the previous week. Similarly, market capitalisation depreciated by 3.06 per cent to ₦155.59 trillion.
The Financial Services sector maintained its dominance in market activity, accounting for 2.69 billion shares valued at ₦69.98 billion traded in 134,882 deals. The sector contributed 67.83 per cent and 39.84 per cent to total equity turnover volume and value, respectively.
The Services sector followed with 323.60 million shares worth ₦6.44 billion, while the Information and Communication Technology (ICT) sector recorded 176.04 million shares valued at ₦27.89 billion.
Trading activity was largely driven by Access Holdings Plc, Abbey Mortgage Bank Plc and Sterling Financial Holdings Company Plc, which jointly accounted for 1.29 billion shares worth ₦17.56 billion, representing 32.53 per cent of total traded volume and 10 per cent of total market value.
Investor sentiment remained weak throughout the week as decliners significantly outnumbered gainers. A total of 65 equities recorded price losses compared to 23 gainers, while 58 stocks closed unchanged.
Among the week’s top performers, International Energy Insurance Plc led the gainers’ chart with a 60.62 per cent appreciation, closing at ₦7.26 from ₦4.52. Abbey Mortgage Bank advanced by 47.24 per cent, while Tripple Gee and Company gained 9.80 per cent.
On the losers’ table, Associated Bus Company Plc shed 24.73 per cent to close at ₦6.21, while University Press Plc lost 17.07 per cent. Eterna Plc, John Holt Plc and First HoldCo Plc also featured among the week’s major decliners.
Sectoral performance was broadly negative, with the NGX Oil and Gas Index recording the steepest decline of 5.18 per cent, followed by the Industrial Goods Index, which fell by 4.40 per cent. The NGX Banking Index lost 3.42 per cent, while the Premium Index declined by 2.63 per cent. The NGX Sovereign Bond Index was the only benchmark that closed flat during the week.
Despite the market’s negative close, the benchmark All-Share Index remains up 55.9 per cent on a year-to-date basis, underscoring the strong gains accumulated earlier in the year.
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