Trading on the Nigerian Exchange recorded a mixed trend, sustaining its bullish rally for the fourth successive week amid the uptrend and positive momentum, as highly priced stocks and blue-chip companies repeatedly made new 52-week highs even as the country’s economic indicators suggest some measure of recovery and growth. The improved inflow of funds and positive sentiment also provided the much needed liquidity for the NGX which remains a strong fundamental of any market across the world today.
The NGX opened the week on a negative note, in what was an expected market react to a circular by the country’s Central Bank cutting off the forbearance regime that banks under its regulatory oversight had enjoyed. Announcing the shutdown of the largese, the CBN forbade such banks from further paying dividend, engaging in any form of executive compensation, or making any investment in foreign subsidiaries until the forbearance totaling US$4.012bn is liquidated.
Breakdown of the figure by bank
- Access Bank – $535M
- FBN Holdings – $848M
- FCMB – $332M
- Fidelity – $556M
- GTCO – $60M
- UBA – $771M
- Zenith – $910M
NGXASI Daily Chart
The CBN clarification after two sessions of pullbacks, effectively gave investors a confidence boost, while the reassurance of the healthy state of the bank further strengthening the market, removing it from the panic mode, in addition to plans to remedy the situation and even further boost the capital adequacy levels of the various banks. These triggered strong momentum and positive sentiment that supported the rebound witnessed at the midweek, driving a 1.63% gain in the Index’s action. This positive trend continued through to Friday, with the All-Share Index rising by 0.92% and 0.24% respectively. This resulted in a Year-to-date return of 14.78%, while market capitalisation crossed the N74tr mark to settled at N74.53tr, while the benchmark NGX All-Share Index stood at 118,138.22 basis points.
NGXASI Weekly Chart
The NGX index’s action on a weekly time frame sustained its bullish trend, indicating a markup phase on a high traded volume and strong money flow index which is revealing the entrance of funds into the equity space. This has supported the rally so far ahead of quarter end window dressing and the earnings reporting season. Year-to-date, the All-Share Index has gained 14.78% as mentioned earlier, while NGX 30 is up by 14.42%. The Banking Index has risen by 16.34%, the Pension Index by 26.23%, the Insurance Index limped 0.80% up, even as the Consumer Goods Index increased by a very significant 45.59%. However, the Oil and Gas Index recorded a negative return of 7.80%. In terms of market breadth, 55 stocks advanced during the week, while 42 declined.
Ellah Lakes Weekly Chart
Leading the top gainers chart is Ellah Lakes Plc, a player in the Nigerian agribusiness sector. Its share price rose from ₦4.33 to ₦5.33 during the week, up by ₦1.00 or 23.09%. Beta Glass Plc followed with a strong rally, climbing ₦44.90 to close at ₦276.00 from an opening price of ₦231.10 per share, representing a gain of 19.43%. LivingTrust Mortgage Bank Plc advanced by 18.88%, moving from ₦5.72 to ₦6.80 each, while Guaranty Trust Holding Company Plc appreciated by 18.81%, increasing from ₦71.50 to ₦84.95. Meyer Plc rounded out the top five gainers, adding ₦1.15 to close at ₦9.60 from its opening price of ₦8.45, up by 13.61%.
NNFM Weekly Chart
On the decliners chart, Northern Nigeria Flour Mills Plc , one of the largest and old good players in the agro-allied space in Nigeria, topped the list of decliners, shedding ₦19.35 to close at ₦93.20 from ₦112.55, a 17.19% drop. Sunu Assurances Nigeria Plc followed with a 12.81% loss, declining from ₦5.23 to ₦4.56. Oando Plc recorded a decline of 11.59%, falling from ₦69.00 to ₦61.00, while International Energy Insurance Plc slipped by 9.55%, closing at ₦1.61 from ₦1.78. Omatek Ventures Plc also experienced a 7.59% drop, decreasing from ₦0.79 to ₦0.73.
Market Outlook:
The market’s ability to rebound from early losses and close the week strong signals its short-term strength. As long as the ASI holds above the 116,000–117,000 support zone, the bullish trend remains intact. However, a failure to break above 119,000 could trigger mild profit-taking, but quarter end window dressing may be a plus for this dicey month of June that had extended the bullish momentum seen in the month of May.
Trending in the Economy: Nigeria’s headline inflation dropped to 22.97% in May from 23.71% in April, marking a second consecutive decline after the inflation basket was rebased to a 2024 base year. This shift significantly reduced earlier figures, with inflation falling from 34.80% in December to 24.48% in January. The easing trend reflects the impact of President Tinubu’s economic reforms. Food inflation also declined to 21.14%. Meanwhile, the central bank held interest rates steady for the second time, citing signs of price stability.
In a major milestone, a 90,000-ton gasoline cargo from Dangote Petroleum Refinery is heading to Asia for the first time, as the company moves farther afield beyond its traditional West African market. The shipment, managed by Mercuria and loading June 22, highlights the refinery’s expanding global reach. A company spokesperson said exports are driven by the highest bid, while analysts see as proof of steady output and global readiness.
Global Market and Oil: Major global markets ended the week on a cautious note as geopolitical uncertainty in the Middle East continued to weigh on investor sentiment. On Wall Street, the S&P 500 declined by 0.21%, the tech-heavy Nasdaq Composite shed 0.49%, while the Dow Jones Industrial Average managed a modest gain of 38.47 points, or 0.09%, closing at 42,210.13.
Across Europe, markets posted marginal gains despite the ongoing conflict between Israel and Iran and lack of clarity over a potential U.S. response. The pan-European STOXX 600 index inched up by 0.1%, supported by optimism in Asian markets earlier in the day. Germany’s DAX index edged higher by 0.05%, while other regional exchanges in France, Italy, and the Netherlands also closed slightly in positive territory, reflecting cautious optimism among investors.
Asian equities had set the tone with early gains, buoyed by expectations of economic stimulus under South Korea’s newly elected President Lee Jae Myung. This uplift filtered into European markets, even as tensions in the Middle East and mixed signals from the U.S. Federal Reserve kept risk appetite subdued.
Federal Reserve policymakers offered contrasting views on interest rate policy, creating further uncertainty. While Governor Christopher Waller suggested the central bank could consider a rate cut as early as the next meeting, Richmond Fed President Tom Barkin emphasized the need for patience given inflation concerns. This divergence in views caused bond yields to dip slightly and boosted demand for the U.S. dollar, which climbed to a three-week high against the Japanese yen. Meanwhile, gold, traditionally seen as a safe haven, dipped 0.13% to $3,365.91 and was on track for a weekly loss.
In the commodities market, Brent crude oil prices fell by 2.3% to settle at $77.01 per barrel, despite recording a 3.6% gain for the week. Investors remained on edge over the potential for supply disruptions in the region, although the absence of immediate U.S. military action helped ease some fears.
Sectorial Index Performance For the Week.
NGX Banking Index Weekly Chart
NGX Insurance Index Weekly Chart
NGX Consumer Goods Index Weekly Chart
NGX Industrial Goods Index Weekly Chart
NGX Oil & Gas Index Weekly Chart
NGX 30 Index Weekly Chart
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