Nigeria’s stock market recorded its first negative close on Wednesday, decreasing by 0.36percent. The market’s major draggers are insurance, consumer goods, and banking stocks despite increased bargains in oil & gas stocks.
NGX Insurance Index decreased most by 3.42 percent, followed by NGX Consumer Goods Index (-0.86 percent), NGX Banking Index (-0.76 percent), while NGX Oil & Gas Index was up by 0.18 percent.
FCMB, Sterling, Cutix, Access Holdings, First Holdco were actively traded stocks. The negative close on Wednesday moderated market return this year to 37.23 percent. This month, the market has risen by 0.99 percent.
Ahead of Wednesday’s trading, analysts at Lagos-based Vetiva said they remain wary of sell-side pressure re-emerging, “given this week’s sharp decline in turnover.”
“Near-term rate increases in the secondary market could also prompt rotation out of equities into fixed income, especially while prices stay range-bound and offer only marginal upside,” they added.
The Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities market capitalisation decreased from preceding trading day’s highs of 141,761.36 points and N 89.696 trillion to 141,248.76 points and N 89.372 trillion.
“This week, we will maintain our current portfolio positioning across board while monitoring investors’ sentiment, particularly in light of the upcoming H1’25 banking sector earnings releases.
“As always, any midweek portfolio adjustments will be communicated through the Daily Market Summary to ensure our strategy remains responsive and well aligned with evolving market conditions,” said CardinalStone Research analysts in their recent Model Equity Portfolio.
In 28,695 deals, securities traders exchanged 682,889,972 shares valued at N22.222billion.
