…The Naira depreciated by 2.89% to ₦1,612.24
The NGX opened the week deep in the red as the All-Share Index tumbled by 123 bps to settle at 104,216.87 points. The sharp pullback marks a shaky start to the week, with renewed sell pressure reflecting growing investor caution and profit-taking across key sectors.
The market’s downturn was largely driven by profit-taking in
OANDO (-10%), FIDELITYBK (-9.52%), ACCESSCORP (-9.27%), UBA (7.60%), FBNH (-6.35%), GTCO (-5.62%), ZENITHBANK (-5.01%), along with declines in 44 other stocks.
As a result, the Year-to-Date (YTD) return declined by 1.25%, while market capitalization dipped 100bps to ₦66.45 trillion, wiping out ₦658.23 billion from investors’ wealth.
Sectoral performance was broadly negative, with all five indices under our coverage closing in the red. The Insurance and Banking sectors bore the brunt of the sell-off, plunging 7.56% and 5.48%, respectively. This was largely driven by steep losses in names like CORNERST (-10%), MANSARD (-9.61%), AIICO (-7.89%), UNIVINSURE
(-7.69%), REGALINS (-6.67%), NEM (-2.96%), CUSTODIAN (-2.44%),
FIDELITYBK (-9.52%), and the FUGAZ banks. The Consumer Goods,
Oil & Gas, and Industrial Goods indices also declined by 0.79%,
0.65%, and 0.01%, respectively, pressured by losses in HONYFLOUR (9.94%), NB (-5.88%), OANDO (-10%), ARADEL (-0.60%), NSLTECH (10%), and CUTIX (-2.85%).
MARKET ACTIVITY: Market activity was positive as traded volume and value appreciated by 27.51% and 37.48% to 444.11 million units and ₦11.15 billion, respectively.
MARKET BREADTH: The market breadth, which measures investor sentiment through the Gainers/Losers ratio decreased to 0.18x from 0.66x as 9 stocks appreciated, 51 stocks depreciated and 64 stocks closed flat.
FIXED INCOME MARKET: The Treasury Bills market traded relatively flat as the average yield settled at 19.95%. While the bond market was slightly bearish, with the average yield closing flat at 18.85%.
CURRENCY MARKET: The Naira depreciated by 2.89% to ₦1,612.24
