The Nigerian stock market, as tracked by the All-Share Index, closed the week ended 29th August in negative territory, shedding 708.64 points to settle at 140,295.50.
This represents a 0.50% decline from the 141,004.14 points recorded at the start of the week, extending the market’s losing streak to a third consecutive week.
Trading activity also slowed, as market volume dipped to 3.2 billion shares compared to 4.1 billion shares in the previous week.
Market capitalization followed the downtrend, slipping by 0.49% to close at N88.76 trillion, from N89.2 trillion a week earlier.
- In terms of price movement, 32 equities appreciated, down from 43 in the previous week.
- On the other hand, 57 equities declined in price, slightly higher than the 54 losers recorded earlier, while another 57 equities closed flat.
Market overview
The week began on a bright note with the index advancing 0.31% on Monday and sustaining the momentum on Tuesday.
However, bearish sentiment resurfaced by midweek, dragging the market lower from Wednesday through Friday and ultimately erasing the early gains to leave the index with a net weekly decline of 708 points.
Key highlights
- The NGX Premium Index slipped 0.75%, pressured by losses of over 3% in ZENITH BANK and LAFARGE, alongside a 2% drop in ACCESSCORP.
- NGX 30 Index mirrored the broader market trend, down 0.46%, while the Main Board Index eased 0.38%.
Sectoral performance
- Banking stocks led the declines, with the NGX Banking Index shedding 1.21% on selloffs in ECOBANK, ACCESS BANK, ZENITH BANK, FCMB, and WEMA BANK.
- Insurance followed closely, as the index dropped 1.02% on double-digit losses in GUINEA INSURANCE, LASACO ASSURANCE, MUTUAL BENEFITS ASSURANCE, and CORNERSTONE INSURANCE.
- Consumer Goods Index fell 0.89%, while Industrial Goods dipped 0.36%.
- Oil and Gas also ended lower, losing 0.18% on sector-wide declines.
Top gainers
Leading the pack was MCNICHOLS PLC, which soared 18.75% week-to-date, marking a standout performance. NEM INSURANCE PLC followed closely with a 17.29% gain.
Other major gainers included:
- Berger Paints Plc: up 15.31% to N36.90
- Coronation Insurance Plc: up 12.77% to N3.62
- Learn Africa Plc: up 11.43% to N7.80
- NCR (Nigeria) Plc: up 10.00% to N11.55
- SFS Real Estate Investment Trust Plc: up 9.99% to N301.55
- Julius Berger Nig. Plc: up 9.93% to N146.10
- SCOA Nig. Plc: up 9.09% to N6.00
- Beta Glass Plc: up 8.16% to N486.00
Top losers
On the flip side, SECURE ELECTRONIC TECHNOLOGY PLC led the laggards, shedding 22.73% week-to-date. GUINEA INSURANCE PLC followed with a 19.77% drop.
Other notable decliners were:
- Lasaco Assurance Plc: down 13.29% to N3.00
- University Press Plc: down 12.06% to N5.54
- Mutual Benefits Assurance Plc: down 11.36% to N3.90
- Royal Exchange Plc: down 11.11% to N2.00
- Cornerstone Insurance Plc: down 10.00% to N6.39
- John Holt Plc: down 10.00% to N6.30
- Daar Communications Plc: down 9.92% to N1.09
- Associated Bus Company Plc: down 9.80% to N4.51
Corporate actions overview
The week was marked by several key corporate disclosures and sector-wide developments:
- Legend Internet released its report for the financial year ended 2025.
- International Energy Insurance settled a ¥1.85 billion loan through Norrenberger.
- Access Holdings announced the resignation of Director Roosevelt Ogbonna from the Board.
- Access Holdings appointed Innocent Ike as the new GMD/CEO.
- GTCO announced a capital injection into its banking subsidiary, GT Bank, to meet CBN’s capitalization requirements.
Market outlook
After a strong rally in July, the All-Share Index appears to be in a pullback phase in August. The retreat could intensify if bearish sentiment continues into the next trading week.
A further dip in investor confidence, especially among large-cap stocks, may prompt a sharper decline in the index.
