The Nigerian equities market opened the week on a bearish note, as widespread losses—particularly in the financial services sector, outweighed gains recorded by GTCO Plc, Access Holdings Plc, and 14 other stocks on Monday.
The All-Share Index (ASI) of the Nigerian Exchange (NGX) declined by 0.08% to close at 143,614.61 points, compared to 143,722.62 points on Friday. Market capitalisation correspondingly dropped by ₦68.69 billion, settling at ₦91.35 trillion.
The market’s weak start extended its recent downtrend, dragging the year-to-date (YTD) return to +39.53%, from +39.64% at the close of the previous week. Investor sentiment remained cautious amid ongoing uncertainty surrounding Capital Gains Tax (CGT) implementation and monetary policy direction from the Central Bank of Nigeria.
Market Summary:
- Current ASI: 143,614.61 points
- Previous ASI: 143,722.62 points
- Change: -0.08%
- YTD Performance: +39.53%
- Volume Traded: 694.78 million units
- Value Traded: ₦28.67 billion
- Market Capitalisation: ₦91.35 trillion
Top Five Gainers:
- ETRANZACT – +9.06% to ₦14.45
- INTENEGINS – +8.49% to ₦2.30
- MCNICHOLS – +7.00% to ₦2.75
- CILEASING – +5.47% to ₦5.59
- UPDC – +5.26% to ₦6.00
Top Five Losers:
- FG152028S1 – -69.39% to ₦30.00
- NPFMCRFBK – -7.85% to ₦2.70
- PRESTIGE – -7.48% to ₦1.36
- STERLINGNG – -6.94% to ₦6.70
- WAPIC – -6.18% to ₦2.43
Sector Performance:
- Insurance: -0.8%
- Oil & Gas: -0.6%
- Banking: -0.3%
- Industrial Goods: Flat
- Consumer Goods: Flat
GTCO and Access Holdings Defy Sector Pressure
Despite a 2.3% decline in the broader banking index, GTCO Plc and Access Holdings Plc stood out as notable gainers.
GTCO led both the volume and value charts, trading 203.85 million shares worth ₦17.24 billion across 973 deals, closing 0.36% higher at ₦84.80 per share. Access Holdings gained 1.46% to close at ₦20.80, with 21.88 million shares exchanged in 1,262 transactions.
Banking Stocks Weigh on Market Performance
Losses in major banking stocks such as UBA (-2.85%), Sterling Financial Holdings (-6.94%), and Fidelity Bank (-0.26%) dragged the sector lower, extending the previous session’s sell-off.
Transcorp Plc also fell by 1.10%, contributing further to the market’s decline. Fidelity Bank traded 131.51 million shares valued at ₦19.05 billion across 588 deals, as investors engaged in profit-taking following recent gains.
NPF Microfinance Bank topped the losers’ chart, shedding 7.85%, while overall, 26 stocks declined compared to 16 gainers, underscoring weak investor sentiment.
Turnover Rises Despite Market Decline
Total market turnover improved by 5.8%, with 694.78 million units worth ₦28.67 billion traded in 24,041 deals, supported largely by strong activity in GTCO and Access Holdings.
Beyond the financial sector, gains in eTranzact (+9.06%), Unilever Nigeria (+4.35%), and select growth-oriented stocks provided mild support. The NGX Growth Index was the only major sub-index to post gains, rising from 13,925.92 to 14,068.77 points, reflecting optimism in high-growth sectors.
The equities market continues to trade cautiously amid mixed investor sentiment, with profit-taking dominating most sectors. Analysts note that clarity on fiscal and monetary policy direction could be key to restoring bullish momentum in the coming weeks.
