Kayode Tokede
The Nigerian stock market closed lower yesterday taking the losing streak to N2.5trillion in three days as investors maintain a cautious approach.
At close of trafes market capitalisation of listed companies closed at N154.445 trillion, dropping by 1.6 per cent or N2.5 trillion from N156.97 trillion it closed for trading last week.
The declined was mostly fuelled by profit taking in Aradel Holdings Plc and sell-offs in Guaranty Trust Holding Company (GTCO), Zenith Bank, Dangote Sugar Refinery and Nigerian Exchange Group, among others.
As at the close of trading yesterday, the market capitalisation depreciated by N758.2 billion on surge profit taking in Zenith Bank Plc and 50 others.
Consequently, the Nigerian Exchange Limited All-Share Index (NGX ASI) opened for trading at 244,738.74 basis points this week, down significantly by 1.6 per cent or 3,936.02 basis points to close for trading at 240,802.72 basis points.
The downward trend brings the NGX ASI to 54.7 per cent or 85,189.69 basis points in its Year-till-Date (YtD) performance from 155,613.03 basis points it closed for trading in 2025 to 240,802.72basis points.
Speaking on market outlook for the week, a group of analysts at Cordros Securities Limited said, “looking ahead, trading activity is likely to remain volatile as investors balance profit taking with selective bargain hunting. Market participants will also monitor the May inflation report expected next week, which could influence expectations for future interest rate decisions.”
Allso, Cowry Assets Management Limited stated that “the Nigerian equities market is expected to maintain a cautiously positive tone in the near term, supported by sustained investor interest in fundamentally strong stocks and ongoing portfolio repositioning.
“However, intermittent profit-taking may trigger short-term volatility and reinforce a stock-selective trading environment.
“Overall direction will likely be driven by macroeconomic developments, earnings results, and relative attractiveness versus fixed income, with gains expected to remain concentrated in high-quality equities.”
