Nigerian equities closed lower for the third straight week, with the benchmark NGX All-Share Index (ASI) declining 0.33% to close at 247,539.73 points from 248,363.55 points.
Losses in banking stocks, led by Zenith Bank, GTCO and Fidelity Bank, outweighed gains in oil and gas names such as Aradel Holdings.
Market capitalisation fell by approximately N534.77 billion to N160.73 trillion, bringing the market’s year-to-date return to 59.07%.
Livestock Feeds emerged as the week’s standout performer, surging 44.49% from N13.15 to N19.00. UPDC Real Estate Investment Trust recorded the steepest decline, falling 11.88% to N21.15 from N24.00.
Market breadth turned positive despite the index decline, with 50 equities appreciating in price, higher than the 24 recorded the previous week. Thirty equities depreciated, lower than the 54 recorded previously, while 66 equities remained unchanged, down from 68 the week before.
A total turnover of 1.659 billion shares worth N98.088 billion was traded in 184,632 deals, compared with 2.715 billion shares valued at N158.280 billion in 209,986 deals the previous week.
The top three equities by volume, Access Holdings, UBA and Livestock Feeds, accounted for 413.964 million shares worth N12.158 billion in 18,365 deals. That represents 24.96% of total volume and 12.40% of total value.
Sector performance was mixed, with banking dragging on the market while oil and gas led the gainers.
The NGX Corporate Governance Index declined 2.39% to 7,239.74 points from 7,416.72 points.
Year to date, the NGX Oil/Gas Index leads with a 131.96% return, followed by the Industrial Goods Index at 83.97%. The Insurance Index remains negative at -9.23%.
Several of last week’s biggest decliners rebounded. Aradel Holdings, which fell 10% to N1,377.00 the week before, gained 8.93% to N1,499.90, while VFD Group recovered 8.13% after an 8.89% loss.
Nairametrics reported that the market had dipped in mid-October even as the broader bull run remained intact, and that Aradel and Oando had lifted the market for a second day on October 15.
Three companies had their prices adjusted for dividends during the week, which affected their weekly returns.
PZ Cussons’ 5.15% decline and GTCO’s 5.10% decline include these adjustments, which reflect dividend entitlements being removed from the share price and do not necessarily indicate selling pressure.
The trading symbol of UH Real Estate Investment Trust changed from UHOMEREIT to UHREIT.
The ASI fell for a third straight week, with weekly losses of 0.52%, 0.97% and 0.33%, though the latest decline was the smallest.
Looking ahead, “we expect market sentiment to improve, supported by (1) bargain hunting following recent price declines, (2) anticipation of Q3 earnings releases and (3) positioning ahead of upcoming dividend qualification dates, which could drive selective buying interest,” analysts at Cordros Securities Limited stated in their Weekly Economic and Market Report.
