The Nigerian equities market reversed its recent gains on Friday, as renewed selling pressure in select heavyweight stocks dragged the overall capitalisation lower by N63 billion.
The NGX All-Share Index closed lower by 0.04 per cent to 252,269.16 points, moderating its year-to-date return to approximately 62.11 per cent. Consequently, market capitalisation shed N63 billion to close at N163.80 trillion.
The bearish close ended the week’s upward momentum, as investors took profit in some large-cap stocks that had driven recent gains on Customs Street.
Despite the decline, market sentiment remained positive. A total of 22 advancers outnumbered 20 decliners, resulting in a positive market breadth, an indication that buying interest was still present in the broader market.
Caverton Offshore Support Group led the gainers’ chart, appreciating by 10.00 per cent to close at N4.40, per share. Fortis Global Insurance followed with a 9.93 per cent gain to close at N1.66, while Austin Laz & Company rose by 9.91 per cent to close at N2.44, per share.
Lasaco Assurance also advanced by 9.20 per cent to close at N1.90 and Veritas Kapital Assurance gained 9.00 per cent to close at N1.09, per share.
On the losers’ side, Multiverse Mining & Exploration led the decline, shedding 9.90 per cent to close at N17.30, per share. LivingTrust Mortgage Bank followed with a decline of 9.69 per cent to close at N2.33, while eTranzact International dropped by 8.11 per cent to close at N17.00, per share.
Haldane McCall declined by 4.58 per cent to close at N3.33, and Sovereign Trust Insurance lost 3.52 per cent to close at N2.19, per share.
Trading activity was mixed as turnover declined sharply by 70.62 per cent to N23.11 billion, while deal count fell by 3.93 per cent to 27,205 transactions. Volume, however, advanced by 26.85 per cent to 3.7 billion shares, indicating that while fewer high-value trades were executed, investors traded a larger number of lower-priced shares.
Analysts said the drop in turnover, despite higher volume, points to increased activity in penny and mid-cap stocks rather than in the high-priced heavyweights that dominate market value.
Looking ahead, Cowry Assets Management Limited stated that positive market breadth and selective bargain-hunting could support a rebound in the coming sessions.
It noted that “however, continued selling pressure in heavyweight counters and declining turnover may constrain any near-term recovery, leaving the market to trade in a narrow range until stronger buying interest returns.”