Nigeria’s stock market had a rough week. Heavy selling cut N1.58 trillion from the value of listed companies.
The NGX All-Share Index (ASI) slipped 0.97 per cent to 248,363.55 points. Total market capitalisation now stands at N161.26 trillion.
The slide dented the year’s gains but did not erase them. The market is still up 59.60 per cent since January.
Heavyweights Led the Fall
Five large stocks pulled the index down: Aradel Holdings, Nestle Nigeria, Fidelity Bank, First Holdco and Access Holdings. Their drops were enough to tip the whole market into the red.
More Losers Than Winners
Sellers clearly had the upper hand. A total of 54 stocks fell, while only 23 rose.
Critical Minerals Financing Corp (CMFC) suffered the steepest drop at 20.27 per cent, closing at N3.58. ABC Transport lost 18.24 per cent to end at N6.05. Japaul Gold & Ventures fell 11.11 per cent to N2.56.
Some shares still rallied. Tripple Gee & Company jumped 32.62 per cent to N3.09. Guinea Insurance climbed 29.17 per cent to 93 kobo.
Trading Volume Cools, Value Edges Up
Investors exchanged 2.715 billion shares this week, valued at N158.280 billion. The trades came in 209,986 deals.
The previous week was busier by volume. Then, 3.166 billion shares changed hands, but their value was a little lower at N155.023 billion, across 206,662 deals.
What Analysts Expect
Market watchers blame the fall on investors cashing in on strong stocks that had recently climbed. Many now have their eyes on third-quarter earnings reports, which could set the tone in the weeks ahead.
Cordros Securities Limited expects a mild recovery soon. It says bargain hunters should return after the sell-off. It also expects the earnings season to draw interest to companies with promising results.
Meta description: The NGX All-Share Index fell 0.97 per cent this week, erasing N1.58trn in value, though analysts expect bargain hunters and Q3 earnings to lift the market.
Focus keyphrase: NGX All-Share Index
Tags: NGX, All-Share Index, Nigerian Exchange, stock market, market capitalisation, Aradel Holdings, Cordros Securities, Q3 earnings
Featured image suggestion: A photo of the Nigerian Exchange building in Lagos from Wikimedia Commons under a Creative Commons licence, with credit. Alternatively, a stock-market chart or trading screen photo from Unsplash or Pexels.
The source did not name the top gainer of the week. I mentioned only the two gainers it listed. Please confirm the leader from the NGX table before publishing.
