Nigerian Bourse Closes Week 0.19% Lower, Capitalisation Sheds ₦927.5bn In 3 Days As Sell Pressure Persists

The Nigerian Exchange ended the trading week bearish, extending its losing streak as the benchmark NGX All-Share Index shed 0.19 percent to close at 140,295.49 basis points from the previous day’s 140,557.24 points. Consequently, investors lost ₦165.61 billion in market value on Friday, and ₦927.495 billion in the three trading sessions between Wednesday and Friday, while week-to-date loss stood at ₦439.57bn, following gains recorded on the first two sessions. Capitalization fell to ₦88.77 trillion at the end of Friday’s trading, just as year-to-date return moderated to 36.31 percent.

Friday’s decline was driven by sustained sell pressure in heavyweights such as OANDO, ZENITHBANK, TRANSCORP, ACCESSCORP, NB, UBA, FBNH, and GTCO, among others.

Market sentiment remained negative as losers outpaced gainers, with 31 stocks closing in the red against 17 advancers. LEARNAFRCA led the gainers’ chart after hitting a new 52-week high of ₦7.80, while JOHNHOLT topped the losers’ table. UNIONDICON also traded at a fresh 52-week high of ₦12.10, reflecting selective interest in small-cap names despite the overall weakness.

Activity level slowed considerably, as the total volume of trades declined by 50.83 percent to 435.14 million units, valued at ₦10.39 billion in 25,609 deals. VFDGROUP emerged as the most traded stock by volume with 49.29 million units, followed by NSLTECH and ACCESSCORP, while GTCO topped the value chart with ₦1.97 billion worth of shares exchanged, ahead of ZENITHBANK and WAPCO.

Technically, the NGXASI closed the week lower, forming another bearish candlestick pattern that reflects sustained profit-taking in large-cap stocks. The index remains above long-term moving averages but is testing short-term support levels. The Relative Strength Index has eased to around 56.7 points, indicating cooling momentum, while the Money Flow Index continues to weaken as funds exit equities. MACD also points to sideways movement, suggesting consolidation. Key support is pegged at 140,000 basis points, with resistance around 141,000 to 141,500 basis points. A breakdown of the support zone could trigger further pullback toward 138,500 points, while bargain hunting at lower levels may provide a rebound opportunity.

On the international scene, oil prices fell on Friday but were set for weekly gains as traders weighed supply uncertainties against demand outlook. Brent crude for October delivery, which expires today, fell 40 cents or 0.6 percent to $68.22 per barrel, while the more active November contract shed 19 cents to $67.79 per barrel. West Texas Intermediate declined 20 cents to $64.40 per barrel. Despite the day’s losses, Brent was up 0.7 percent for the week and WTI gained 1.2 percent. Market attention is now shifting to next week’s OPEC+ meeting, as the cartel and its allies continue to increase production to regain market share, a move that could pressure prices further.

The outlook for the new week remains cautious, with profit-taking, portfolio rebalancing, and interim dividend expectations likely to shape trading decisions. While technical indicators suggest the market is consolidating, the 140,000-point support remains critical to sustaining the uptrend. Pullbacks at this level may attract bargain hunters, particularly in dividend-paying and fundamentally strong stocks. Global developments, especially the outcome of the OPEC+ meeting and oil price direction, will continue to influence sentiment.

At the close of the week, the NGXASI lost 0.19 percent, with investors shedding ₦165.61 billion, thereby reducing the year-to-date gain to 36.31 percent.