Nigerian Stocks End Four-Day Rally as Market Value Falls by N40.99 Billion

Nigeria’s stock market ended a four-day winning streak after investors took profits in Access Holdings Plc and 28 other listed companies. Market capitalisation slipped by N40.99 billion, or 0.03%, from N158.956 trillion to N158.915 trillion.

The NGX All-Share Index fell 63.46 points to 246,019.17 points, compared with 246,082.63 points at the open. Despite the decline, the index remained up 0.8% month to date and 58.1% year to date.

Performance varied across sectors. The banking index fell 0.6% and consumer goods declined 0.2%. Insurance stocks rose 2.7%, while oil and gas gained 0.3% and industrial goods advanced 0.2%. In total, 33 stocks rose and 29 fell.

Tripple Gee & Company posted the biggest gain, rising 10% to N2.86 per share. Sovereign Trust Insurance gained 9.71% to N2.26, while Oando rose 9.43% to N38.30. NASCON Allied Industries led the decliners, falling 10% to N175.50, followed by Beta Glass, which lost 9.99% to N506.60.

Trading activity also weakened. Volume fell 34.47% to 426.840 million units, worth N28.438 billion across 41,475 deals. Access Holdings led activity with 33.220 million shares traded. Cowry Assets Management said investor sentiment could remain positive after FTSE Russell reclassified Nigeria from “Unclassified” to “Frontier Market” status.

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We expect market sentiment to remain positive, supported by improved investor confidence following the FTSE Russell reclassification confirmation.