The Nigerian Exchange (NGX) ended the week on a negative note, with the All-Share Index dropping by 1.16% to close at 95,973.45 points, down from 97,100.31 points the previous week. Despite a gain of approximately ₦147 billion on Friday, the market’s overall sentiment was bearish, largely driven by sell-side activities as traders sought early profits amid delayed earnings results from major banks.
The market capitalization fell to ₦55.13 trillion, reflecting a year-to-date return of 28.35%. The week saw three out of five trading days close in the red, with significant losses recorded in banking, oil, and cement sectors due to ongoing economic challenges, including inflation and high interest rates. Notable declines included DANGCEM (-10.00%), TRANSCOHOT (-6.25%), and DANSUGAR (-5.29%).
On Friday, the market rebounded slightly, with the benchmark index increasing by 0.27%. This recovery was fueled by strong performances from OANDO (+10%), TOTAL (+9.98%), and ACCESSCORP (+5.00%). Overall, the market breadth showed 32 gainers against 11 losers, indicating some positive momentum.
Trade metrics revealed a decline in total volume and value traded, down 16.02% and 21.26% to 327.28 million units and ₦4.61 billion, respectively. ACCESSCORP led both volume and value charts, trading 36.85 million units worth ₦716.32 million.
Mixed sentiments were observed across various sectors throughout the week. The Oil & Gas, Insurance, and Banking indices saw gains, while the Industrial and Consumer Goods indices suffered losses. The Oil & Gas index notably increased by 3.54%, driven by buying interest in OANDO and CORNEST.
Despite the overall decline, Friday’s trading session highlighted a shift in investor interest, particularly in the oil sector, which may indicate potential recovery as market participants adjust to the current economic world.
