Profit taking halts stock market uptrend as capitalisation, index decline

2026-03-30 - 05:05

By Peter Egwuatu Profit taking by investors characterised the Nigeria stock market last week, leading to the decline in the major performance indicators. Specifically, the Nigerian Exchange Limited, NGX market capitalisation, which represents the value of equities listed on the Exchange, dropped to N128.969 trillion last week from N129.125 trillion the previous week. Similarly, another significant performance indicator – market index – which shows the movement of prices of equities, declined by 0.12% to 200,913.06 points from 201,156.86 points the previous week. Meanwhile, further analysis of the market shows that a total turnover of 3.950 billion shares worth N201.312 billion in 359,642 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 8.761 billion shares valued at N267.253 billion that exchanged hands the previous week in 193,473 deals. The Financial Services Industry (measured by volume) led the activity chart with 2.881 billion shares valued at N102.259 billion traded in 139,093 deals: thus contributing 72.94% and 50.80% to the total equity turnover volume and value respectively. The ICT Industry followed with 230.539 million shares worth N45.172 billion in 52,669 deals. Third place was the Agriculture Industry, with a turnover of 191.927 million shares worth N6.626 billion in 16,471deals. Trading in the top three equities, namely Wema Bank Plc, Access Holdings Plc and United Bank for Africa Plc (measured by volume), accounted for 1.448 billion shares worth N43.191 billion in 28,436 deals, contributing 36.65% and 21.45% to the total equity turnover volume and value respectively. Furthermore, Insurance Index, NGX AFR Dividend Yield Index, NGX Oil & Gas, Index, NGX Lotus II, Index , NGX Growth and NGX Commodity appreciated by 1.53%, 2.22%, 1.36%, 1.93%, 1.61% 2.31% and 2.77% respectively while the NGX Sovereign Bond index closed flat. Forty-seven (47) equities appreciated in price during the week under review, lower than forty-eight (48) equities in the previous week. Forty-five (45) equities depreciated in price, higher than forty-three (43) equities in the previous week, while fifty-six (56) equities remained unchanged, lower than fifty-seven (57) recorded in the previous week.