• The Nigerian Exchange closed the trading week in the red, with the All-Share Index dropping 0.84% to 245,283.68 points
• Market breadth turned negative as 56 stocks recorded losses against only 33 that posted gains during the week
• Trading activity surged to over N404 billion worth of shares changing hands, well above the previous week's N306 billion

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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian Exchange (NGX) ended the trading week on a negative note, with investors losing roughly N1.26 trillion in market value as profit-taking swept through several major stocks.

The NGX All-Share Index (ASI) fell 0.84% to close at 245,283.68 points, while overall market capitalisation shed 0.79% to settle at N158.326 trillion.

The performance reversed part of the gains recorded in the previous week.

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Not all segments of the market moved lower. The NGX Premium Index edged up 0.02%, the NGX Insurance Index rose 1.72%, and the NGX Sovereign Bond Index added 0.27%, while every other sectoral index closed in the red.

Market breadth reflected the cautious mood, with 56 stocks closing lower against just 33 that advanced. A further 58 equities ended the week unchanged.

The previous week had seen 57 gainers against only 38 losers, underscoring how quickly sentiment shifted.

Trading Activity Surges Past N404 Billion

Despite the broader market decline, investor participation picked up sharply. Total turnover for the week reached 5.119 billion shares worth N404.762 billion across 285,223 deals, compared with 4.433 billion shares valued at N306.143 billion in 255,589 deals the week before.

The Financial Services industry dominated activity, accounting for 3.918 billion shares valued at N271.428 billion in 123,514 deals.

Top gainers

Critical Minerals Financing Corp Plc emerged as the week's best-performing stock after gaining 22.78% to close at N3.88 from N3.16.

Other top performers included:

• Coronation Infrastructure Fund (+20.92%)
• Thomas Wyatt Nigeria Plc (+20.66%)
• Consolidated Hallmark Holdings Plc (+19.60%)
• Lasaco Assurance Plc (+18.68%)
• VFD Group Plc (+12.21%)
• AVA Capital Plc (+10.00%)
• Eterna Plc (+8.20%)
• NEM Insurance Plc (+7.89%)
• Transnational Corporation Plc (+7.55%)

Top losers

Associated Bus Company Plc led the laggards after shedding 18.44% to close at N5.75 from N7.05.

Other major decliners were:

• Fortis Global Insurance Plc (-16.13%)
• Tripple Gee and Company Plc (-15.54%)
• Veritas Kapital Assurance Plc (-15.38%)
• International Breweries Plc (-13.87%)
• Omatek Ventures Plc (-12.90%)
• C & I Leasing Plc (-12.60%)
• The Initiates Plc (-12.50%)
• Austin Laz & Company Plc (-12.40%)
• Haldane McCall Plc (-11.55%)

First Bank’s parent company completes sale of subsidiary

Earlier, Legit.ng reported that First HoldCo Plc has completed the divestment of its merchant banking subsidiary, FBNQuest Merchant Bank Limited, selling its entire stake to EverQuest Group.

The parent company of First Bank of Nigeria said the transaction is part of a strategic plan to optimise capital allocation, improve capital efficiency and support growth in its core commercial banking operations.

EverQuest Acquisition LLP, which emerged as the preferred bidder after a competitive selection process, is a consortium of investment and financial services firms.