On Thursday, May 29, 2025, the Nigerian equity market closed marginally lower, as the NGX All-Share Index (ASI) declined by 0.08% to end the trading session on a bearish note. This slight dip trimmed the year-to-date return to 8.46%, reflecting a cautious stance by investors despite strong activity in several sectors.
Market capitalization decreased by ₦50bn, settling at ₦70.51tr compared to ₦70.56tr in the previous session, aligning with the mild drop in the ASI, which points to a mix of profit-taking and weak demand in heavyweight stocks.
Trading activities intensified with total transaction volume rising to 556.45m shares, up from 512.17m shares traded the previous day, even as total value of trades remained stable at ₦17.1bn, indicating that while more shares exchanged hands, they were largely from lower-priced stocks, maintaining a neutral impact on value turnover.
Despite the negative index performance, market breadth was robust and closed positive, with 40 gainers and 24 losers, a situation that suggests an underlying bullish sentiment in the broader market even as a few large-cap stocks weighed down the index. Mutual Benefits, University Press, and Academy Press topped the gainers’ chart, appreciating by 10.00%, 9.98%, and 9.88% respectively. Their strong performances were driven by renewed buying pressure and investor optimism regarding their growth potential.
On the downside, LEGENDINT, SEPLAT, and ABBEYBDS led the laggards. LEGENDINT lost 10.00%, just like SEPLAT, while ABBEYBDS declined by 9.90%. These sharp losses reflect a mix of profit-taking activities, weak sentiment in their respective sectors, and broader sectoral rotation by institutional investors.
UBA and FIDELITYBK dominated the volume chart, trading 82.57m and 70.6m shares respectively. This highlights continued participation from retail investors. On the value side, UBA also led with trades worth ₦2.86bn, followed by Nigerian Breweries at ₦2.1bn and MTN Nigeria, ₦2.04bn. These figures reflect sustained institutional interest in fundamentally strong, dividend-yielding stocks.
A total of 127 equities were active during the session across 18,505 executed deals, reaffirming market liquidity and broad participation.
From a technical perspective, the 0.08% decline in the ASI resulted in a small bearish candlestick forming below a key resistance level. The index remains above its 20-day moving average, which continues to act as dynamic support.
Oil Market Update
In the global commodities space, oil prices slipped more than 1% on Thursday after early gains faded. Brent crude closed at $64.15 per barrel, while West Texas Intermediate (WTI) ended at $60.94. The reversal came after investors digested a U.S. court ruling that blocked certain Trump-era tariffs. While initially perceived as bullish for trade, officials downplayed the ruling’s broader impact, leading to subdued sentiment. Additionally, weakening oil demand from China and persistent geopolitical tensions involving Russia and Iran continued to exert downward pressure on prices. Market attention remains fixated on upcoming OPEC+ output decisions and the potential for fresh U.S. sanctions on Russian crude, both of which could shift supply dynamics in the coming weeks.
