The Nigerian equity market recorded a significant dip in market activity during the Easter holiday-shortened trading week, with the Nigerian Exchange Limited (NGX) losing a substantial N207 billion in market capitalisation. This decline, attributed to low investor participation and mixed market sentiment, brought the market capitalisation down from N65.706 trillion in the previous week to N65.499 trillion.
The All-Share Index (ASI) also followed suit, falling by 0.32% to close at 104,233.81 points. Analysts have linked the reduced market performance to the public holidays declared by the Federal Government on Friday, April 18, and Monday, April 21, 2025, in observance of the Easter celebration, resulting in only four trading days within the week.
According to the NGX’s weekly report, total trading volume declined to 1.525 billion shares valued at N43.006 billion executed in 51,156 deals, compared to 2.094 billion shares worth N52.967 billion in 64,612 deals the previous week. This sharp decline in trading activity highlights the typical pattern of subdued market performance during festive periods.
Despite the market-wide dip, the financial services sector retained its position as the top performer by turnover. The sector accounted for 1.122 billion shares worth N24.015 billion across 28,818 deals—representing 73.56% of total trading volume and 55.84% of total market value.
The ICT sector followed, with 101.252 million shares traded, valued at N4.819 billion in 2,541 deals. The services industry came next with 99.776 million shares worth N1.230 billion across 3,063 deals, showcasing a balanced distribution of investor interest across key sectors.
Top traded equities for the week included Access Holdings Plc, Fidelity Bank Plc, and Universal Insurance Plc, which jointly accounted for 448.105 million shares worth N6.730 billion in 6,481 deals. These stocks contributed 29.39% of the total market volume and 15.65% of market value, underscoring sustained investor interest in key banking and insurance stocks.
Despite the overall bearish trend, market breadth was mildly positive. Thirty-one equities appreciated in price during the week, compared to 27 in the previous week. On the downside, 44 equities declined, an improvement from the 56 recorded earlier. Meanwhile, 72 equities closed flat, up from 64 in the prior week.
Performance in the Exchange Traded Products (ETPs) and fixed income markets also mirrored the equity market slowdown. The ETP segment saw 19,814 units worth N3.572 million traded in 62 deals—down from 111,693 units valued at N6.115 million in 83 deals. Similarly, the bond market recorded a total turnover of 81,759 units worth N84.283 million in 27 deals, compared to 144,487 units worth N151.615 million in 100 deals the week before.
Interestingly, several sectoral indices posted gains, indicating resilience in specific market segments despite the overall lull. The Premium Index rose by 0.57%, the Pension Index gained 0.42%, MERI Growth climbed by 2.67%, and Consumer Goods appreciated by 2.33%. The Oil & Gas sector also edged up by 0.20%, while Lotus II gained 0.16%, Growth Index rose 0.26%, Sovereign Bond added 0.39%, and Pension Broad increased by 0.55%. However, the ASeM and Commodity indices closed the week unchanged.
Meanwhile, trading opened on Wema Bank Plc’s rights issue involving 14.29 billion ordinary shares at N10.45 per share. The offer, based on two new ordinary shares for every three held as of March 5, 2025, commenced on Monday, April 14, and is expected to strengthen the bank’s capital base upon successful completion.
Although the week closed on a relatively positive note with a N239 billion gain in market capitalisation on Thursday, the broader market remains cautious amid the ongoing earnings season and dividend declarations. Analysts suggest that investor sentiment will likely remain mixed in the coming weeks as traders reassess portfolio allocations and await further corporate actions.
As the market rebounds from the Easter-induced slowdown, stakeholders are optimistic that trading activities will pick up momentum driven by corporate earnings, dividend payouts, and strategic repositioning by institutional investors.