Weekly Market Wrap: All-Share Index drops 0.32% as banking sector dips; Premium Index sees modest recovery 

This decline, equivalent to a 0.32% decrease, lowered the index to 104,233.81 points, down from the previous week’s closing value of 104,563.34, despite slight gains in the Premium Index.

Alongside this drop, weekly trading volume saw a significant decline, falling by 27% from 2.09 billion shares in the previous week to 1.5 billion shares.

Market capitalization also experienced a noteworthy reduction, decreasing from N65.7 trillion to N65.4 trillion, as the index clung to the N65 trillion threshold.

Throughout the week, 31 equities appreciated, an increase from 27 equities the previous week. Conversely, 44 equities depreciated, down from 56, while 72 equities remained unchanged.

During the week, market activity showed a clear downturn, with total trading volume declining by 27% to 1.5 billion shares compared to 2.09 billion shares in the preceding week.

The NGX Premium Index experienced a modest increase of 0.57%, largely driven by a robust gain of over 7% in ACCESSCORP and MTNN.

In contrast, both the NGX-Main Board Index and the NGX 30 Index ended in negative territory, declining by 0.17% and 0.41%, respectively.

The NGX Banking Index faced significant challenges, declining sharply by 5.43%. This drop was primarily driven by substantial losses exceeding 10% in both GTCO and ZENITHBANK, along with losses of over 4% in STANBIC and UBA.

Leading the charge among gainers was ABBEY MORTGAGE BANK PLC, which soared by 46.17% week-to-date, followed by NIGERIAN BREW. PLC at 13.13%. Other notable gainers included:

On the losers’ table was GUARANTY TRUST HOLDING COMPANY PLC, which declined by 13.24% week-to-date, followed by ZENITH BANK PLC at 11.91%. Other notable losers included:

This week, the corporate landscape witnessed a series of significant announcements:

The All-Share Index is currently in a retracement phase, below the 105,000-mark. However, there are signs of improvement in some sectors, as bearish price movements are decreasing compared to the previous week, indicating a potential reversal in market sentiment.