The Nigerian stock market ended the week on a bearish note, shedding 3,290.97 points to close at 143,722.62, despite a solid 60.6% rally in NCR (Nigeria) Plc.
Tracked by the All-Share Index, the market slipped 2.24% from 147,013.59, dropping below the 145,000 mark once again and extending its losing streak to four weeks.
Investors traded 2.6 billion shares valued at N106.2 billion during the week, significantly lower than the previous week’s 7.3 billion shares worth N156.4 billion.
Market capitalization also reflected the bearish sentiment, dropping to N91.4 trillion from N93.5 trillion a week earlier.
Overall, the market closed the week under firm bearish pressure, bringing its year-to-date performance to 39.64%.
The Nigerian All-Share Index closed every trading day in the week ended November 21 in negative territory.
The NGX Premium Index fell 4.79%, driven largely by notable declines in heavyweights: ACCESSCORP dropped 10.9%, DANGOTE CEMENT lost 10%, UBA was down 7.75%, and ZENITH BANK fell 6.64%. MTN, FIRSTHOLDCO, and UBA posted smaller losses of under 3%.
Sectoral performance
The NGX Banking Index declined 3.85%. ACCESSCORP dropped 10.9%, ZENITH BANK lost 6.64%, and WEMA BANK fell 5.53%, while FCMB and GTCO posted softer losses of under 3%.
Also finishing lower were the NGX Oil & Gas Index and the NGX Consumer Goods Index, down 1.61% and 0.44% respectively.
Leading the pack was NCR (NIGERIA) PLC, which soared 60.55% week-to-date, marking a standout performance and closing at N41.10. UNIVERSITY PRESS PLC followed with a 17.65% gain, ending the week at N6.00.
Other major gainers included:
On the flip side, INTERNATIONAL ENERGY INSURANCE PLC led the laggards, shedding 22.06% week-to-date to close at N2.12. MCNICHOLS PLC followed with a 14.90% decline, finishing the week at N2.57.
Other notable decliners were:
The week featured few corporate disclosures and sector-wide developments:
Market outlook
Market outlook
The Nigerian All-Share Index continues to face persistent bearish pressure, with the risk of further declines if negative sentiment persists.
That said, a rally in select mid- and large-cap stocks could provide much-needed support, potentially helping the index regain the 150,000 level in the near term.