The Nigerian stock market closed the week on a subdued but mixed note, with the NGX All-Share Index (ASI) edging up marginally by 0.01% to 120,989.66 points.
Despite the slight index gain, total market capitalization contracted by ₦244 billion to ₦76.34 trillion, largely due to the delisting of Notore Chemical Industries Plc from the Nigerian Exchange Group. This trimmed the year-to-date return to 17.55%.
While headline performance was largely flat, underlying market sentiment remained upbeat as 40 stocks recorded gains compared to 27 losers, indicating positive market breadth.
However, investor activity was relatively muted—total volume and value of trades dropped by 1.02% and 62.46%, respectively. In total, 923.87 million shares worth ₦11 billion were exchanged in 25,680 deals, representing a 6.09% increase in transaction count.
John Holt Plc and Champion Breweries Plc led the gainers’ chart, both rallying by the maximum daily limit of 10.00%. John Holt rose from ₦7.00 to ₦7.70, while Champion jumped from ₦12.00 to ₦13.20, driven by renewed investor interest and speculative positioning. Other notable gainers included Academy Press and UPDC (both +9.98%), RT Briscoe (+9.94%), Red Star Express (+8.99%), DAAR Communications (+9.84%), and Union Dicon Salt (+9.84%).
Thomas Wyatt and Tripple Gee & Co. also featured among the top ten gainers, each advancing by 9.76%.
On the downside, Ellah Lakes Plc and PZ Cussons Nigeria Plc declined by 10.00% apiece, attributed to profit-taking. Japaul Gold lost 9.70% to close at ₦2.70 despite leading the day’s volume chart with 147.08 million shares traded. Other losers included Royal Exchange (-9.49%), McNichols (-8.85%), and May & Baker (-8.65%).
In volume terms, WAPIC followed Japaul with 44.53 million shares, while AccessCorp recorded 43.62 million shares. Additional volume drivers included Chams, FTN Cocoa, and Veritas Kapital.
GTCO Plc emerged as the day’s most actively traded stock by value, with ₦1.54 billion worth of shares exchanged. Zenith Bank and AccessCorp followed with ₦1.00 billion and ₦984.30 million respectively. Other significant trades included PZ Cussons (₦574.20 million), MTNN, Fidelity Bank, and UBA.
Sectoral performance was mixed, reflecting selective bullish sentiment. Insurance (+1.33%), Oil & Gas (+0.80%), Consumer Goods (+0.24%), and Commodities (+0.51%) posted gains, buoyed by bargain hunting and positive investor sentiment. However, the Banking (-0.13%) and Industrial Goods (-0.93%) sectors lagged, weighed down by macroeconomic concerns and ongoing portfolio rebalancing.
Despite the week’s contraction in market capitalization, the broad market showed resilience, with strong interest in select stocks and sectors. Analysts note that while caution remains due to economic headwinds, investor appetite for value and speculative plays suggests a cautiously optimistic outlook in the near term.
