Nigerian Stock Market Closes Week on Weak Note

Nigerian Stock Market Closes Week on Weak Note

The Nigerian stock market ended the week on a negative note, with key performance indicators experiencing a decline. The market capitalization dropped by N516 billion, closing at N92.214 trillion, while the All-Share Index shed 815.80 points to close at 145,754.91.

The downward trend was attributed to profit-taking in several stocks, including Abbey Mortgage Bank, Custodian Investment Plc, and Deap Capital Management. Despite the overall decline, some stocks showed resilience, with Champion Breweries leading the gainers’ chart, surging by 10% to close at N14.40 per share.

Other notable gainers included Union Dicon Salt, Universal Insurance, Guinness Nigeria, and AXA Mansard, which all recorded significant gains. On the other hand, Abbey Mortgage Bank, Custodian Investment Plc, Deap Capital Management, and The Initiates Plc were among the top losers.

A total of 2.21 billion shares worth N32.4 billion were traded across 35,036 transactions, with Linkage Assurance leading the activity chart. The market’s decline was attributed to investors shifting their focus to insurance stocks following the signing of the Nigerian Insurance Industry Reform Act (NIIRA 2025) into law.

David Adonri, Vice President of Highcap Securities, noted that the market’s decline was normal, given the unsustainable momentum in insurance stocks. “The market had been bullish due to price-sensitive information, but the rush in insurance stocks couldn’t be sustained,” he said.