The Nigerian equities market extended its bearish streak last week, driven by persistent sell pressures and weak investor demands.
This downturn resulted in investors collectively losing N2.1 trillion over the five trading days.
Specifically, the market capitalisation of the Nigerian Exchange Limited, which represents the total value of all listed stocks, decreased from N93.501 trillion recorded in the previous week to N91.410 trillion.
In a similar manner, the NGX All Share Index, another key indicator of overall market performance, recorded a decline of 2.2%. The index dropped to 143,722.62 points from the 147,013.59 points recorded during the preceding week.
Market analysts emphasized that the sustained downturn in several high-volume and bellwether stocks has kept the overall market direction subdued. This movement reflects traders weighing short-term opportunities against the growing necessity to protect capital ahead of anticipated year-end portfolio adjustments.
Meanwhile, an analysis of market activities for the week showed that a total turnover of 2.668 billion shares valued at N106.264 billion were traded by investors across 107,998 deals. This is in sharp contrast to the 7.325 billion shares worth N156.425 billion that exchanged hands in the previous week across 134,383 deals.
The Financial Services Industry (measured by volume) dominated the activity chart, recording 1.820 billion shares valued at N44.806 billion traded in 45,297 deals. This industry contributed 68.21% and 42.16% to the total equity turnover volume and value, respectively. The Services Industry followed, with 324.191 million shares worth N1.761 billion in 8,018 deals. The Oil and Gas Industry took the third position, with a turnover of 143.185 million shares worth N37.741 billion in 7,788 deals.
Trading in the top three equities by volume—namely Access Holdings Plc, Tantalizers Plc, and Zenith Bank Plc—accounted for 1.057 billion shares valued at N24.652 billion in 13,924 deals. These three stocks contributed 39.63\% and 23.20\% to the total equity turnover volume and value, respectively.
Commenting on the market performance and outlook, analysts at InvestData Consulting Limited stated: “The NGX ASI remains firmly in bearish territory, trading below short-term moving averages, which confirms the persistence of downward momentum. The index’s declining trajectory reflects weakening demand, as evidenced by shrinking transaction volumes and flattening market breadth”.
The analysts further elaborated on investor caution, saying: “However, buyers remain largely cautious, seeking clearer macro signals and improved market-wide liquidity before taking meaningful positions. The extended period of selling may set the stage for intermittent recoveries, but the broader direction remains dependent on market catalysts such as upcoming corporate announcements, sector-specific developments, and shifts in fixed-income yields”.
