Nigeria’s equities market extended its bearish run on Thursday as the benchmark NGX All-Share Index (ASI) declined marginally by 0.05 percent, the fourth consecutive day of losses on the Nigerian Exchange Limited (NGX).
The market’s year-to-date (YtD) return weakened to +1.88 percent, down from earlier gains recorded in the month.
The month-to-date return now stands at -2.75 percent while the week-to-date return is down 1.03 percent.
At the close of trading, the NGX All-Share Index fell from 104,915.13 basis points on Wednesday to 104,858.77 points.
Similarly, the equities market capitalisation depreciated by N35 billion to close at N65.754 trillion from the previous session’s N65.789 trillion.
The downturn was largely driven by sell-offs in medium- to large-cap stocks including Livestock Feeds, Custodian Investment, UPDC, and Chams.
Livestock Feeds recorded the steepest loss, declining by 9.57 percent to close at N7.65 from N8.46.
Custodian Investment fell 6.98 percent to N20.00, while UPDC lost 6.23 percent to close at N2.86. Chams also dropped 5.16 percent to N2.02.
Despite the broader market decline, trading activity remained robust. A total of 310.52 million shares valued at N6.25 billion were exchanged in 10,182 deals.
Active stocks included Fidelity Bank, Veritas Kapital, Nigerian Breweries, Zenith Bank, and Access Holdings, which collectively contributed to volume turnover during the session.
Investors appear to be taking a cautious stance amid uncertainty in the macroeconomic environment and weak corporate earnings outlook from several listed firms.
Analysts suggest that the market could remain under pressure in the short term unless there is a shift in investor sentiment supported by positive economic indicators or strong first-quarter earnings releases.
Sectoral performance was mixed, with some resilience seen in select banking stocks, while industrial and consumer goods counters remained under pressure. The broader mood, however, remained subdued.
As market participants monitor developments in inflation, interest rates, and fiscal reforms, attention will shift to forthcoming company earnings announcements and potential macroeconomic triggers that could reverse the current downtrend.
The NGX continues to reflect the cautious mood of investors navigating a challenging domestic and global landscape, and market direction in the coming days will likely hinge on sentiment toward policy clarity and earnings fundamentals.
