The Nigerian equities market declined by 1.36% last week, largely driven by losses incurred by prominent companies like PZ Cussons and Secure Electronic Technology.

The All-Share Index depreciated to 98,233.76 points while market capitalization shed 1.35% to close the week at N55.56 trillion.

PZ Cussons, a leading consumer goods company, experienced a significant setback, plunging by 26.97%.

Similarly, Secure Electronic Technology, known for its contributions to Nigeria’s electronic security sector, saw a notable decline of 16.95%. These losses, among others, contributed to the overall bearish sentiment in the market.

On the flip side, amidst the downturn, some equities managed to buck the trend and recorded gains.

Tantalizers, a prominent fast-food chain, led the pack with a remarkable surge of 27.78%. FTN Cocoa Processors and Presco followed suit, registering gains of 20% and 15.31%, respectively.

The trading volume and value also saw an uptick compared to the previous week. Investors traded 2.187 billion shares worth N50.667 billion in 45,277 deals, reflecting increased market activity.

The financial services industry emerged as the most active sector, contributing significantly to both volume and value of trades.

The United Bank for Africa Plc, Nigerian Breweries Plc, and Access Holdings Plc emerged as the top three traded stocks, collectively accounting for a significant portion of the total equity turnover volume and value.

Their performance underscored investor interest in key players across various sectors despite the prevailing market downturn.

This decline in Nigerian equities comes amidst broader economic challenges facing the country, including inflationary pressures, currency fluctuations, and lingering effects of the COVID-19 pandemic.

Also, uncertainties surrounding global economic trends and geopolitical tensions continue to impact investor sentiment and market dynamics.

The market downturn highlights the importance of diligent risk management and strategic investment decisions in navigating volatile market conditions.

Investors are advised to exercise caution and conduct thorough research before making investment choices, especially in light of the current market environment.

“Looking ahead to the coming week, mixed sentiment is anticipated in the market as bulls and bears vie for dominance, while market players remain attuned to corporate actions in anticipation of dividend income. Despite this, pockets of gains are expected as fiscal and monetary policies strive to steer the nation’s economy towards recovery, notwithstanding the forthcoming April 2024 CPI report and Q1 2024 Nigeria’s GDP report,” Cowry Asset analysts projected.

Nigerian equities gained 0.03 percent or N22 billion on Thursday to maintain a tepid but positive sentiment amidst mixed trading activities.

The slight increase was attributed to investors’ renewed interest in banking, insurance, and industrial goods stocks, although profit-taking activities persisted in the consumer goods sector.

Leading the gainers’ chart was Guaranty Trust Holding Company (GTCO), whose share price surged from N38 to N40, an increase of N2 or 5.26 percent. Following closely was Oando with its share price climbing from N10.20 to N10.70, up by 50 kobo or 4.90 percent.

Learn Africa also made significant gains, rising from N3 to N3.30, adding 30 kobo or 10 percent to its share price.

Despite the slight green close, investor optimism over the first-quarter financial results of listed companies seemed to dwindle, contributing to the market’s subdued performance.

The year-to-date return for the equities market marginally increased to 31.40 percent.

Key performance indicators, including the All Share Index (ASI) and market capitalization, made slight gains from the previous trading day’s lows of 98,223.97 points and N55.552 trillion to 98,255.72 points and N55.570 trillion, respectively.

Nigerian Breweries, United Bank for Africa (UBA), GTCO, Zenith Bank, and Transcorp were among the actively traded stocks, as investors participated in 8,415 deals, exchanging 676,422,174 shares worth N16.664 billion.

While the market’s movement was modest, the incremental gain reflects the resilience of investor sentiment amidst prevailing uncertainties.

The Nigerian Exchange Limited (NGX) sustained its downward trend on Tuesday as investors lost N269 billion amidst subdued trading activities.

This decline represents the third consecutive session of losses for the exchange.

The All-Share Index (ASI) depreciated by 0.48 percent to settle at 98,228.50 points while the market capitalization declined to N55.55 trillion.

Market participants experienced a decline in wealth as the total deals decreased by 9.45 percent to 9,620, and the value of trade reduced by 6.76 percent to N8.35 billion.

Despite the overall decline, the traded volume saw a slight increase of 0.93 percent to 425.66 million units.

The NGX recorded a mixed performance with 15 gainers and 28 losers at the close of trading. FBN Holdings, Unity Bank, and Champion Breweries were among the leading decliners and contributed to the downward trajectory of the market.

Sectoral performance leaned towards the bearish side, with the banking, insurance, and consumer goods sectors declining by 3.11 percent, 1.48 percent, and 0.66 percent, respectively.

Meanwhile, the oil/gas and industrial goods indices remained unchanged.

In terms of gainers, JapaulGold, May & Baker, and Presco closed in the green appreciating by 10 percent each.

United Bank for Africa (UBA) took the spotlight as the most traded security both in terms of volume and value, with 102.23 million units worth N2.68 billion transacted in 952 trades.

The heightened trading activity surrounding UBA followed the recent release of its annual report, which revealed a remarkable 110 per cent growth in gross earnings for the first quarter of 2024.

As the NGX continues to grapple with downward pressure, market observers remain vigilant, closely monitoring unfolding developments and their potential impact on investor sentiment and market dynamics.