Weekly Market Wrap: All-Share Index dips 0.14% as market activity declines, banking sector records modest gains 

This decline represents a weekly drop of 0.14%, bringing the index down to 105,511.89 from the previous week’s figure of 105,660.64, despite a slight gain in the banking sector.

Trading volume experienced a significant contraction, falling from 3.04 billion shares the prior week to 1.18 billion shares, a decline of 61%.

Market capitalization also took a hit, declining from N66.2 trillion to N66.1 trillion, as the index clung to the N66 trillion threshold.

The NGX Premium Index experienced a decrease of 0.11%, primarily influenced by a 7% drop in FIRSTHOLD. Concurrently, WAPCO and UBA faced minor declines of 1.6% and 0.1%, respectively.

Notably, the NGX-Main Board Index followed suit, reflecting the same decline of 0.11%, while the NGX-Main 30 Index recorded a slight loss of 0.05%.

In contrast, the NGX Banking Index rose by 0.22%, supported by a 5% gain in FIDELITY BANK. Moreover, ZENITHBANK, ACCESSCORP, and GTCO finished the week in slightly positive territory, contributing to the overall strength of the banking sector.

Leading the charge among gainers was VFD GROUP PLC, which soared by 20.76% week-to-date, followed by UNION DICON SALT PLC at 19.59%.

Other notable gainers included:

Top losers

On the losers’ table was U A C N PLC, which declined by 18.31% week-to-date, followed by SUNU ASSURANCES NIGERIA PLC at 13.38%.

This week witnessed a series of noteworthy corporate disclosures, particularly concerning financial results:

The All-Share Index appears to be undergoing a correction as it rises above the 105,000 mark, from which it had previously declined.

Should the positive momentum in banking and other sectors persist, the index could potentially exceed the 106,000 mark in the forthcoming weeks.