The NGX equities market recorded its first weekly negative performance in the trading week ended January 24, extending its losing streak into the week as investor sentiment faded following several sessions of strengthened profit-taking.
The NGX All-Share Index (ASI) closed at 165,512.18 points, reflecting a week-on-week dip of 0.37% and highlighting earnings sentiments among market participants.
The bearish outing translated into a corresponding 0.37% reduction in total market capitalization, which fell to N105.96 trillion from N106.35 trillion in the previous week. As a result, the market shed approximately N394 billion in value, while the year-to-date return moderated to 6.36%, N105.96 trillion from N106.35
Despite the overall decline, market breadth remained moderately positive at 1.43x, as 57 advancing stocks significantly outnumbered 40 decliners, indicating selective bargain hunting. However, trading activity weakened during the week, with total deals, traded volume, and traded value declining by 9.97%, 18.83%, and 23.71%, respectively.
By the close of the week, a total of 3.75 billion shares valued at N99.9 billion were exchanged across 237,302 deals, reflecting cautious positioning and persistent selloffs.
Sectoral performance this week largely mirrored the broader market weakness, as sustained selling pressure and profit-taking activities dominated the broader market. All sectors closed in negative territory, with the lone exception of the Oil & Gas and Commodity indices, which emerged as the week’s only gainer.
The sectors advanced by 1.36% and 0.79% respectively, supported by price appreciation in ARADEL, although this gain was partly offset by sharp losses in ETERNA. T
he Consumer Goods sector recorded a notable decline of 1.48%, reflecting intensified sell-offs in key counters, particularly Nigerian Breweries, and International Breweries. Similarly, the Banking sector closed the week down 1.32%, weighed by broad-based weakness in tier-one and mid-tier names, with FIRSTHOLDCO and FIDELITYBK respectively, as investors trimmed exposure following recent rallies.
In the Insurance space, the sector edged lower by 0.10%, as profit-taking in WAPIC and GUINEAINS outweighed gains recorded in a few select counters.
Meanwhile, the Industrial Goods sector posted the mildest decline of 0.08%, reflecting modest selling interest in CUTIX, and WAPCO despite a standout performance by TRIPPLEG.
At the stock level, several equities posted strong gains during the week. DEAPCAP led the gainers’ table with a 60.1% appreciation, followed by SCOA (+59.7%), NCR (+46.4%), DAARCOMM (+41.7%), and RTBRISCOE (+40.7%), largely driven by heightened accumulation interest. On the flip side, ETERNA (-11.9%), NSLTECH (-10.2%), IMG (-9.9%), ALEX (-9.9%), and UPDC (-8.1%) re- corded the steepest losses, reflecting sustained selling pressure in those counters.
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