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By Chukwuma Umeorah
Nigeria’s stock market managed to end the week in positive territory, even as many investors sold off shares across several sectors.
Data from the Nigerian Exchange Limited (NGX) shows that the equities market gained 0.73 per cent in the week ended March 13, highlighting a mixed performance where a handful of strong stocks lifted the overall market despite widespread declines elsewhere.
The benchmark All-Share Index (ASI) climbed to 198,407.30 points, up from 196,968.15 points recorded the previous week. This represents a rise of 1,439.15 points, indicating that investors still showed interest in select stocks, particularly among large and medium-sized companies.
At the same time, the total value of listed equities, known as market capitalisation, also increased. It rose to N127.361 trillion, reflecting the modest growth in share prices during the week.
However, the weekly gain did not tell the full story of what happened in the market.
Trading activity slows
Overall trading activity on the exchange slowed compared with the previous week. Investors traded a total of 3.321 billion shares worth N164.845 billion in 318,907 deals.
This was lower than the 3.695 billion shares valued at N177.687 billion traded in 370,980 deals the week before.
The drop in trading volumes suggests that some investors adopted a more cautious approach, possibly waiting for clearer market signals before making new investment decisions.
Mixed performance across sectors
The performance of sector indices during the week was mixed, with some sectors posting gains while others recorded losses.
The Industrial Goods sector emerged as the biggest winner, rising 5.73 per cent during the week. Analysts attribute the surge largely to gains in cement and construction-related companies.
The Oil and Gas sector also recorded moderate growth, advancing 1.50 per cent.
Meanwhile, the NGX Main Board Index climbed 1.99 per cent, while the NGX 30 Index, which tracks the most capitalised companies on the exchange, gained 0.80 per cent.
The Consumer Goods Index posted a modest increase of 0.63 per cent, while the Pension Broad Index edged up slightly by 0.58 per cent.
But not all sectors shared in the gains.
The Banking Index declined 1.04 per cent, while the Insurance Index recorded the sharpest fall of the week, dropping 4.59 per cent.
More losers than gainers
Despite the overall rise in the market index, the broader market mood remained cautious.
Market breadth, a measure that compares the number of stocks that gained with those that declined, showed that losing stocks outnumbered gainers.
A total of 34 equities recorded price increases, down from 44 gainers in the previous week.
In contrast, 61 stocks declined, slightly higher than the 58 decliners recorded the week before.
Meanwhile, 53 stocks closed unchanged during the review period.
This imbalance between gainers and losers suggests that the market’s overall growth was largely driven by a small number of strong-performing stocks rather than a broad rally across the board.
Financial stocks dominate trading
The Financial Services sector remained the most active segment of the market during the week.
It accounted for 2.179 billion shares valued at N59.809 billion in 124,992 deals.
This represented 65.61 per cent of the total volume of shares traded and 36.28 per cent of the overall value of transactions on the exchange.
The Oil and Gas sector followed with 207.69 million shares worth N27.606 billion.
The Consumer Goods sector came third, recording 189.633 million shares valued at N11.852 billion.
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Most actively traded stocks
Three companies dominated trading activity during the week.
Shares of Access Holdings Plc, Fortis Global Insurance Plc, and First Holdco Plc accounted for a combined 677.312 million shares valued at N14.561 billion in 17,346 deals.
Together, these three stocks represented 20.39 per cent of the total trading volume and 8.83 per cent of the total value of transactions during the week.
Top performing stocks
Among individual companies, Premier Paints Plc emerged as the biggest gainer.
Its share price jumped 32.88 per cent, closing the week at N19.40 per share.
It was followed by Conoil Plc, which gained 20.95 per cent to close at N204.40 per share.
Another major performer was BUA Cement Plc, whose share price climbed 20 per cent to N270 per share.
In the healthcare sector, Fidson Healthcare Plc rose 19.04 per cent, closing at N105.35 per share.
Similarly, Omatek Ventures Plc gained 18.18 per cent to close at N2.60 per share.
Other notable gainers included:
Nigerian Exchange Group Plc, which rose 16.93 per cent; Guinness Nigeria Plc, which gained 11.79 per cent and International Breweries Plc, up 9.93 per cent.
Also on the gainers’ list were May & Baker Nigeria Plc, which rose 9.21 per cent, and Chemical and Allied Products Plc, which gained 7.32 per cent.
Biggest losers
On the flip side, several stocks recorded sharp declines during the week.
SCOA Nigeria Plc posted the steepest drop, losing 34.06 per cent to close at N22.65 per share.
Fortis Global Insurance Plc fell 20.81 per cent, while Sovereign Trust Insurance Plc declined 20.68 per cent.
Other major losers included:
Aluminium Extrusion Industries Plc, down 18.71 per cent; LivingTrust Mortgage Bank Plc, which dropped 17.38 per cent.
Further losses were recorded by Learn Africa Plc, RT Briscoe Plc, Linkage Assurance Plc, Mutual Benefits Assurance Plc, and UACN Plc.
Linkage Assurance rights issue begins.
Meanwhile, Linkage Assurance Plc opened its rights issue during the week.
The company is offering 12.32 billion ordinary shares at N1.32 per share.
Under the offer terms, shareholders can buy two new shares for every three shares they already own as of January 22, 2026.
The rights offer officially opened on March 11 and is expected to close on April 23, 2026.
Cautious mood persists
Although the market recorded a modest gain overall, analysts say the higher number of declining stocks compared with gainers suggests that selling pressure remained strong across the market.
In simple terms, while a few large stocks helped push the overall index higher, many other companies experienced price drops.
This indicates that investors are still being selective about where they put their money, focusing on stocks they believe have strong fundamentals or better growth prospects.
