The Nigerian stock market ended a holiday-shortened trading week in the red, losing ₦207 billion in market capitalisation as investors reacted cautiously to ongoing earnings releases and dividend declarations.
Trading was limited to four sessions on the Nigerian Exchange Limited (NGX) as the Federal Government declared April 18 (Friday) and April 21 (Monday) public holidays to mark the Easter celebration.
By the close of Thursday’s session, the All-Share Index had dipped 0.32%, settling at 104,233.81 points, while market capitalisation declined from ₦65.706 trillion the previous week to ₦65.499 trillion.
Market Activity Slows on Shortened Week
According to the NGX weekly report, a total of 1.525 billion shares valued at ₦43.006 billion were traded across 51,156 deals a notable drop from the 2.094 billion shares worth ₦52.967 billion exchanged in 64,612 deals the previous week.
The Financial Services sector maintained dominance, accounting for 1.122 billion shares worth ₦24.015 billion in 28,818 deals, representing 73.56% of total volume and 55.84% of total value.
The ICT sector followed with 101.25 million shares valued at ₦4.82 billion, while the Services sector saw 99.78 million shares worth ₦1.23 billion change hands.
Among individual equities, Access Holdings Plc, Fidelity Bank Plc, and Universal Insurance Plc emerged as the most actively traded stocks, collectively accounting for 448.11 million shares valued at ₦6.73 billion across 6,481 deals. Their activity made up 29.39% of total volume and 15.65% of total market value.
Market Breadth and Sector Performance
Despite the decline in market capitalisation, market breadth improved. A total of 31 stocks gained, compared to 27 in the previous week. 44 equities declined, a drop from 56, while 72 closed flat, up from 64 the week before.
Several sectoral indices posted gains:
- MERI Growth Index: +2.67%
- Consumer Goods: +2.33%
- Premium Index: +0.57%
- Pension Index: +0.42%
- Oil & Gas: +0.20%
- Growth Index: +0.26%
- Sovereign Bond Index: +0.39%
- Pension Broad Index: +0.55%
- Lotus II: +0.16%
The ASeM and Commodity indices closed flat.
ETPs and Bonds See Declines
Activity in the Exchange-Traded Products (ETPs) segment fell sharply, with 19,814 units worth ₦3.57 million traded in 62 deals, compared to 111,693 units valued at ₦6.12 million in 83 deals the prior week.
The bond market also slowed, recording 81,759 units worth ₦84.28 million across 27 deals, down from 144,487 units valued at ₦151.62 million in 100 deals the previous week.
Wema Bank Rights Issue Kicks Off
Meanwhile, trading began on Wema Bank Plc’s rights issue, offering 14.29 billion ordinary shares at ₦10.45 per share. The offer structured as two new shares for every three held as of March 5, 2025 opened on April 14, 2025.
Positive Close Reverses Weekly Loss
Despite the overall weekly decline, the market closed positively on Thursday, with investors gaining ₦239 billion in market capitalisation. This rebound helped cushion losses from earlier in the week and signaled a possible shift in sentiment following the Easter break.
