Nigeria’s equities market closed the week sharply lower, as sustained sell-offs in banking, telecoms, and industrial stocks dragged the benchmark index below the 150,000-point mark.
Data from the Nigerian Exchange (NGX) show the All-Share Index (ASI) fell by 2.99 per cent to close at 149,524.81 points on 7 November, from 154,126.46 the previous week. Market capitalisation also dropped to ₦94.99 trillion from ₦97.8 trillion, wiping out ₦2.81 trillion in value.
Trading activity weakened compared to the previous week, with 3.57 billion shares valued at ₦107.01 billion traded in 146,429 deals, down from 7.47 billion shares worth ₦145.42 billion exchanged earlier.
The market recorded losses every day of the trading week. The steepest fall occurred on Wednesday, when the ASI declined by 1.19 per cent, shedding 1,816.2 points. The losses moderated slightly on Thursday and Friday but remained negative.
All major indices closed in the red. The NGX Premium Index dropped by 3.76 per cent as Access Holdings fell 10.02 per cent, MTN Nigeria 8.29 per cent, Lafarge 6.43 per cent, Zenith Bank 4.76 per cent, and UBA 0.12 per cent. The NGX 30 Index decreased by 3.00 per cent, while the NGX Main Board Index slipped by 2.56 per cent.
Sectoral performance showed declines across all sectors. The NGX Insurance Index posted the sharpest weekly fall at 7.56 per cent, driven by losses in Sovereign Trust Insurance (-28.21%) and International Energy Insurance (-17.01%).
The NGX Oil and Gas Index followed with a 4.80 per cent drop, reflecting declines in Oando (-16.75%) and Eternal (-1.39%).
The Banking Index fell 3.85 per cent, with losses across major lenders including Access Holdings, Zenith Bank, Ecobank, FCMB, Fidelity, GTCO, Wema Bank, and UBA. The NGX Consumer Goods and Industrial Goods indices recorded losses of 2.54 and 1.09 per cent respectively.
A total of 20 equities gained value during the week, compared to 29 the previous week, while 75 declined and 51 remained unchanged.
NCR Nigeria Plc led the gainers with a 20.94 per cent rise to ₦19.35, followed by Eunisell Interlinked Plc, which gained 20.17 per cent to ₦70.90. Other top performers were Union Dicon Salt (+9.93%), Honeywell Flour Mills (+9.50%), and UPDC Plc (+6.81%).
Sovereign Trust Insurance Plc led the week’s losers with a 28.21 per cent drop to ₦2.80, followed by C&I Leasing (-20.16%), Skyway Aviation Handling Company (-18.99%), Berger Paints (-17.41%), and Oando Plc (-16.75%).
During the week, Airtel Africa Plc declared an interim dividend, while Aso Savings and Loans Plc, Veritas Kapital Assurance Plc, and ABC Transport Plc released third-quarter financial statements.
Ellah Lakes Plc also received approval from the Securities and Exchange Commission (SEC) for its ₦235 billion public offer.
The All-Share Index remains in a retracement phase as the market awaits improved liquidity and potential stabilisation following Nigeria’s successful $2.3 billion Eurobond issuance earlier this month.
