Weekly Market Wrap

The Nigerian stock market continued its downward slide last week, closing in negative territory for the third week in a row. The All-Share Index, the benchmark measure of performance on the Nigerian Exchange, shed 708.64 points to settle at 140,295.50 as of Friday, August 29, 2025. This represents a 0.50 percent decline compared to the 141,004.14 points recorded at the start of the week.

For investors, the latest dip underscores the growing wave of bearish sentiment that has gripped the market in recent weeks. Trading activity has also slowed, reflecting waning appetite among market participants. Weekly trading volume dropped to 3.2 billion shares from the 4.1 billion shares exchanged in the prior week. Market capitalisation followed a similar trajectory, slipping by 0.49 percent to close at N88.76 trillion, compared to N89.2 trillion the previous week.

Market Overview

The week began with a glimmer of optimism. On Monday, the All-Share Index advanced by 0.31 percent and extended gains on Tuesday, giving investors a sense that momentum might shift back into positive territory. However, by midweek, bearish sentiment resurfaced. From Wednesday through Friday, the index suffered consistent losses, wiping out early gains and pushing the market deeper into the red. The net result was a 708-point weekly decline, leaving investors cautious as the market heads into September.

Sectoral Performance

Performance across the major sectoral indices was broadly negative, with most sectors closing in the red.

The NGX Premium Index, which tracks the largest and most liquid companies, fell by 0.75 percent. This drop was largely driven by selloffs in bellwether stocks. Zenith Bank lost more than 3 percent, Lafarge dropped by a similar margin, and Access Holdings shed 2 percent, dragging the index lower.

The NGX 30 Index, which represents the 30 most capitalised and liquid stocks, mirrored the broader market trend with a 0.46 percent decline. The Main Board Index was slightly more resilient but still eased by 0.38 percent over the course of the week.

Among the sector indices, banking stocks were the hardest hit. The NGX Banking Index lost 1.21 percent as investors sold off positions in Ecobank, Access Bank, Zenith Bank, FCMB, and Wema Bank. Insurance stocks also faced significant pressure, with the NGX Insurance Index down 1.02 percent. Heavy losses in Guinea Insurance, Lasaco Assurance, Mutual Benefits Assurance, and Cornerstone Insurance drove the decline.

Consumer Goods stocks also fell, with the index dropping 0.89 percent. Industrial Goods slipped by 0.36 percent, while the Oil and Gas Index eased by 0.18 percent, closing the week in negative territory following sector-wide declines.

Gainers of the Week

Despite the bearish environment, some stocks delivered standout performances. MCNichols Plc topped the chart with an impressive 18.75 percent week-to-date gain, cementing its place as the best-performing stock of the week. NEM Insurance Plc followed closely, rallying 17.29 percent.

Other strong performers included Berger Paints Plc, which rose 15.31 percent to close at N36.90. Coronation Insurance Plc climbed 12.77 percent to N3.62, while Learn Africa Plc advanced 11.43 percent to N7.80. NCR Nigeria Plc recorded a 10 percent gain to N11.55, and SFS Real Estate Investment Trust Plc also rose nearly 10 percent to N301.55. Construction giant Julius Berger Plc gained 9.93 percent to close at N146.10. SCOA Nigeria Plc jumped 9.09 percent to N6.00, while Beta Glass Plc advanced 8.16 percent to N486.00. These gains highlighted pockets of resilience, particularly among mid-cap and sector-specific stocks.

Top Losers

On the flip side, the market saw some steep losses. Secure Electronic Technology Plc emerged as the week’s biggest laggard, shedding 22.73 percent. Guinea Insurance Plc dropped 19.77 percent, while Lasaco Assurance Plc fell 13.29 percent to close at N3.00.

University Press Plc declined 12.06 percent to N5.54. Mutual Benefits Assurance Plc was down 11.36 percent to N3.90, while Royal Exchange Plc lost 11.11 percent to N2.00. Both Cornerstone Insurance Plc and John Holt Plc fell by 10 percent each, closing at N6.39 and N6.30, respectively. Daar Communications Plc dipped 9.92 percent to N1.09, and Associated Bus Company Plc slid 9.80 percent to N4.51.

The high number of losers—57 equities compared to only 32 gainers—further reflects the dominance of bearish sentiment across the market. Another 57 equities closed flat, showing little movement during the week.

Corporate Actions and Market Developments

The week was also shaped by several notable corporate disclosures and boardroom changes.

Legend Internet released its financial report for the year ended 2025. International Energy Insurance announced the settlement of a ¥1.85 billion loan through Norrenberger, a move expected to strengthen its balance sheet. Access Holdings made headlines with two board-related updates: the resignation of Director Roosevelt Ogbonna and the appointment of Innocent Ike as the new Group Managing Director and Chief Executive Officer.

Guaranty Trust Holding Company (GTCO) also announced a capital injection into its banking subsidiary, GT Bank, aimed at meeting the Central Bank of Nigeria’s new capitalisation requirements. This move reflects the wider pressure on banks to shore up their capital bases in anticipation of stricter regulatory standards.

Market Outlook

After a strong rally in July, the market has now entered a clear pullback phase through August. The All-Share Index has given up a portion of its earlier gains, and sentiment remains fragile. Analysts warn that if bearish pressure persists, especially among large-cap stocks, the market could face deeper declines in the coming weeks.

Investor confidence will likely hinge on upcoming earnings releases, global oil price movements, and any new policy signals from regulators. For now, the market appears to be in a consolidation phase, with cautious traders taking profits and others waiting for clearer signals before re-entering.

As September begins, all eyes will be on whether the current slide extends into a fourth consecutive week or if bargain hunters step in to arrest the decline.