The Nigerian equities market closed lower on Thursday as investors continued to take profits following recent gains, despite improved macroeconomic signals and easing monetary conditions.
The All-Share Index (ASI) declined by 0.41 percent to settle at 193,567.81, down from the previous session’s close.
Market capitalisation also moderated to ₦124.24 trillion amid sustained sell-side pressure across key banking and mid-cap counters.
Market Activity
Total turnover declined compared to earlier sessions this week:
The reduction in value traded suggests moderated institutional participation relative to the strong volumes recorded earlier in the week.
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Equity Market Cap: ₦124.24 trillion
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Bond Market Cap: ₦49.06 trillion
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ETF Market Cap: ₦93.38 billion
Top Gainers
Fixed income instruments and select mid-tier equities drove gains:
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FGSUK2032S7 advanced sharply by 34.00%, closing at ₦134.00.
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FTNCOCOA gained 10.00% to ₦6.05.
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RTBRISCOE rose 9.95% to ₦11.38.
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DEAPCAP appreciated 9.92% to ₦6.98.
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JAPAULGOLD increased 9.91% to ₦3.77.
The strong movement in sovereign instruments reflects renewed positioning in fixed income assets following the recent monetary policy shift.
Top Losers
Banking and hospitality stocks led the decline:
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JAIZBANK fell 9.98% to ₦12.63.
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IKEJAHOTEL declined 9.90% to ₦37.75.
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JOHNHOLT dropped 9.90% to ₦8.65.
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ENAMELWA decreased 9.88% to ₦36.50.
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LOTUSHAL15 shed 9.76% to ₦161.22.
The pullback in JAIZBANK follows a strong rally in prior sessions, indicating short-term profit realignment rather than structural weakness.
Most Active Stocks
Trading activity remained concentrated in financial services and high-liquidity counters:
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JAIZBANK – 78.94 million shares worth ₦1.16 billion
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JAPAULGOLD – 73.25 million shares worth ₦274.78 million
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ACCESSCORP – 66.91 million shares valued at ₦1.74 billion
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CHAMS – 56.89 million shares worth ₦239.57 million
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ZENITHBANK – 45.49 million shares valued at ₦4.06 billion
Zenith Bank led in value terms, reflecting continued institutional positioning in tier-one banking stocks.
Fixed Income Market
Activity in the bond market remained largely stable, with minimal price movement across most listed instruments.
However, FGS202882 rose 5.99%, closing at ₦100.99, indicating selective demand in sovereign bonds.
ETF Performance
Exchange-traded funds recorded mixed performance:
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NEWGOLD gained ₦2,450 to close at ₦82,450.
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VSPBONDETF rose ₦60.99 to ₦447.00.
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MERGROWTH remained flat at ₦655.00.
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VETGRIF30 declined slightly to ₦74.50.
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VETBANK fell to ₦34.65.
The divergence in ETF performance reflects sector rotation and repositioning across asset classes.
Market Outlook
Despite Thursday’s decline, the broader market remains supported by improved macro fundamentals. The recent 50 basis points reduction in the Monetary Policy Rate is expected to reduce financing costs for corporates, potentially boosting earnings expansion and capital expenditure over the medium term.
Short-term volatility is likely to persist as investors rebalance portfolios following strong gains recorded earlier in the month. However, liquidity conditions and improving external reserves provide a supportive backdrop for sustained recovery.
