The Nigerian equity market faced a downturn in the week ending April 21, 2025, losing N207bn in market capitalization amid subdued trading due to Easter holidays. The All-Share Index (ASI) dipped 0.32% to 104,233.81 points, while market capitalization fell from N65.706tn to N65.499tn, reflecting cautious investor sentiment amid earnings season and dividend declarations.
Trading activity slowed significantly as the Federal Government declared four-day trading (April 14–17 and 22–24) due to Easter holidays. Total turnover dropped to 1.525 billion shares worth N43.006bn in 51,156 deals, down from 2.094 billion shares valued at N52.967bn in 64,612 deals the prior week.
Sectoral Performance Highlights
- Financial Services dominated with 1.122 billion shares (73.56% of volume) valued at N24.015bn (55.84% of value).
- ICT followed with 101.252 million shares worth N4.819bn, while Services recorded 99.776 million shares valued at N1.230bn.
- Top-traded equities—Access Holdings, Fidelity Bank, and Universal Insurance —accounted for 29.39% of total volume (448.105 million shares) and 15.65% of value (N6.730bn).
Despite the broader decline, select indices posted gains:
- Premium Index (+0.57%), Pension (+0.42%), MERI Growth (+2.67%), Consumer Goods (+2.33%), and Oil & Gas (+0.20%).
Mixed Investor Sentiment
Market breadth tilted slightly positive, with 31 equities gaining versus 44 losers. However, bond and ETF segments saw sharp declines:
- Bonds : 81,759 units traded (N84.283m) vs. 144,487 units (N151.615m) the prior week.
- ETFs : 19,814 units (N3.572m) vs. 111,693 units (N6.115m).
Wema Bank Rights Issue Launch
Trading commenced for Wema Bank’s 14.29 billion rights issue (N10.45 per share), offering two new shares for every three held as of March 5, 2025.
While holiday-induced low liquidity amplified losses, sectoral resilience in financials and consumer goods signals underlying opportunities. Investors await clearer macroeconomic cues to drive sustained recovery.
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