Nigerian Stock Market Sheds N207 Billion Amid Reduced Trading Week for Easter Holidays
The All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) declined by 0.32%, closing at 104,233.81 points. In tandem, the total market capitalization dipped from N65.706 trillion the prior week to N65.499 trillion, amid reduced market participation and ongoing earnings releases.
Trading was limited to four sessions as the Federal Government declared Friday, April 18, and Monday, April 21, as public holidays to observe Easter, leading to a noticeable slowdown in market performance.
Market Activity Declines Across Key Sectors
According to the NGX weekly report, a total of 1.525 billion shares worth N43.006 billion were exchanged in 51,156 deals, representing a significant drop from the previous week’s 2.094 billion shares valued at N52.967 billion across 64,612 deals.
The financial services sector led the market by volume and value, with 1.122 billion shares traded at N24.015 billion in 28,818 deals, accounting for 73.56% of total traded volume and 55.84% of total value.
Trailing behind were:
- The ICT sector, with 101.25 million shares worth N4.82 billion in 2,541 deals.
- The services industry, recording 99.78 million shares valued at N1.23 billion in 3,063 deals.
Top-Traded Equities and Investor Sentiment
Access Holdings Plc, Fidelity Bank Plc, and Universal Insurance Plc emerged as the week’s most actively traded stocks by volume. Combined, they contributed 448.1 million shares worth N6.73 billion in 6,481 deals, representing 29.39% of the week’s total traded volume and 15.65% of total market value.
Despite the broader decline, market sentiment showed slight improvement. 31 equities posted gains—up from 27 the previous week—while 44 stocks recorded losses, an improvement from 56 losers previously. 72 equities remained unchanged, compared to 64 in the last session.
Mixed Performance in ETFs and Fixed Income Market
The Exchange Traded Products (ETPs) segment saw a drop in activity, with 19,814 units valued at N3.57 million traded across 62 deals, down from 111,693 units worth N6.12 million in 83 deals previously.
The fixed income segment also recorded reduced activity. Bond transactions amounted to 81,759 units worth N84.28 million in 27 deals, compared to 144,487 units valued at N151.62 million exchanged in 100 deals the week before.
Sectoral Indices Show Resilience Despite Overall Decline
While the main index dipped, several sectoral indices ended the week on a positive note:
- MERI Growth Index rose by 2.67%
- Consumer Goods climbed by 2.33%
- Premium Index increased by 0.57%
- Pension Index went up 0.42%
- Oil & Gas advanced by 0.20%
- Other gainers included Growth Index (+0.26%), Sovereign Bond (+0.39%), and Pension Broad Index (+0.55%)
- Both the ASeM and Commodity indices remained flat
Corporate Action: Wema Bank Rights Issue Opens
During the week, trading also began for Wema Bank Plc’s rights issue of 14.29 billion ordinary shares at N10.45 per share. The offer, based on two new shares for every three held as of March 5, 2025, opened on Monday, April 14, 2025.
Looking Ahead
Despite the market losing ground overall, the return of investor confidence toward the end of the week suggests a potential rebound in the upcoming sessions. Market analysts believe continued earnings releases and dividend payouts may influence sentiment in the near term.
Story written by SpringNewsNG Media Limited – April 20, 2025
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