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Profit-taking activities persisted on the Nigerian Exchange Limited, NGX as the equities market for the fourth consecutive week sustained losses with the major performance indicator, NGX All-Share Index, ASI declining Week on Week, WoW by 0.9%.
The Index closed lower in three of the four trading sessions of the week under review.
Similarly, another major performance indicator, market capitalisation, which measures the total value of investment owned by investors on the Exchange declined by over N833 billion in the four trading days of the week under review, closing at N87.936 trillion from N87.769 trillion penultimate week.
Market operators emphasised that market sentiment is still cautious, with investors waiting for a clearer catalyst such as corporate earnings upgrades, macroeconomic policy clarity, or fresh liquidity injections from institutional investors before taking aggressive long positions.
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Meanwhile, analysis of trading show that there were sell pressures in WAPCO, which led to its decline by -13.1% followed by UBA -3.9%. Oando dropped by -7.9%, Dangote Sugar -5.2%, and Zenith Bank -1.7% .
The Year-to-Date, YtD return moderated to 35.0%. Market activity also weakened, as trading volume and value fell by 34.7% W/W and 16.0% W/W, respectively. Sectoral performance mirrored the overall market downturn, with all key Indices such as Industrial Goods dropping by -2.1%; Banking Index -1.5%, Consumer Goods Index -1.2%, Oil & Gas -0.8% , and Insurance Index -0.8%.
In its market outlook report, analysts at Cordros Capital, stated:” Looking ahead, investor sentiment is likely to stay cautious, with continued profit-taking and selective portfolio reallocation into fundamentally strong stocks offering attractive entry points. Over the medium term, equity market direction will hinge on macroeconomic conditions and the trajectory of fixed income yields, which remain the key drivers of relative asset allocation”.
On their part, analysts at InvestData Consulting Limited, stated: “The outlook for the next session remains broadly positive as bargain hunters and portfolio managers are expected to sustain buying momentum into the weekend. Market participation is likely to remain driven by banking stocks, consumer goods, and select oil and gas counters as investors position strategically ahead of upcoming corporate disclosures.
Nevertheless, traders should watch for profit-taking around key resistance levels, particularly in stocks that have posted significant short-term gains”.