Nigerian stock market NGX All Share Index declines 0.62% w/w

• The Nigerian stock market NGX All Share Index (NGX ASI) experienced a 0.62% week-to-date decline, closing at 109,028.62 points compared to 109,710.35 points last week. Market activity was predominantly bearish, with only a brief rebound on May 20. Key sell-offs included NB (-5.10%), OANDO (-3.00%), MTNN (-1.82%), and NNFM (-9.97%), as investors repositioned ahead of month-end. Despite the downward pressure on the index, overall investor wealth increased by N130.05 bn, driven by a rise in market capitalisation to N68.75trn. This growth was largely supported by UBA’s successful rights issue listing of 6.83bn ordinary shares. Consequently, the year to date was brought to 5.93%.
• Volume fell by 61.29%, with TANTALIZER dominating trades at 145mn units (22.76% of total volume), reflecting retail speculative plays. FIDELITYBK followed closely with 85.5mn units, reinforcing banking sector liquidity. Value traded dipped by 5.11%, with MTNN (N4.29bn) and NB (N2.57bn) leading the value chart. Despite reduced trades and volume, market capitalization rose 0.19% DTD, signalling selective inflows into large-cap stocks.
• 30 advancers vs. 22 decliners raised breadth to 1.36x (up from 0.67x). This divergence where breadth and volume improve despite index decline often signals underlying accumulation and could foreshadow a short-term rebound, particularly if macro signals stabilizes. 

NASD SUMMARY

• The NASD Securities Index (NSI) rose by 0.97% to 3,188.8 points, driven by notable price appreciations in key tickers like CSCS (+8.46%), FrieslandCampina WAMCO (+5.53%), and 11 PLC (+2.11%). These gains reflect renewed investor confidence in fundamentally strong, dividend-paying companies within the OTC space.
• While total trade volume dropped by 14.80% to 385,519 units, the value of transactions skyrocketed by 892.24% to N14.78mn, indicating significant high-value block trades. The 105.88% jump in executed deals further signals a broadened participation and increased liquidity concentration in premium-tier equities. SOURCE: Coronation Securities Limited