The Nigerian market ended the week lower, as sharp losses on Tuesday and Wednesday outweighed gains recorded later in the week.
The NGX All-Share Index fell 1.60% for the week to 243,052.74 points, compared with 246,992.44 points the previous Friday. Market capitalisation also dropped by ₦1.96 trillion to ₦157.59 trillion.
The decline came after the market’s 2.36% gain the previous week, with profit-taking contributing to the weaker performance. Investors were also positioning ahead of the Dangote Refinery IPO, which opens on Monday, 14 September, and runs until 13 October, following SEC approval.
The week’s performance was not a straight decline. Market capitalisation fell by nearly ₦2trillion on Tuesday and another ₦1.67 trillion on Wednesday. The market then recovered some of those losses on Thursday and Friday. On Friday alone, about 31 stocks gained compared with 18 losers.
Among the strongest weekly performers were NGX Group, up 13.85% to ₦148, and Ellah Lakes, which gained 13.33% to ₦10.20. Seplat Energy rose about 10% to ₦14,907.80, reaching a record close after hitting the limit-up on Thursday.
On the downside, Fortis Global Insurance fell 27.50% to ₦1.45, from ₦2.00 the previous Friday. Some industrial and mid-cap stocks also recorded losses.
Outside equities, the naira closed at about ₦1,326.52 per dollar in the official market on Friday, while the parallel market was near ₦1,390.
External reserves remained above 54 billion, their highest level since late 2008. Oil receipts and other inflows supported reserves, alongside continued CBN foreign-exchange interventions.
The wider economy also provided a mixed picture. Q2 GDP growth accelerated to 4.43%, from 3.89% in Q1, while H1 growth stood at about 4.16%. The Q2 merchandise trade surplus was about 9.5 billion.
Inflation continued to ease at the headline level, falling to 15.43% in July from 15.91% in June. However, food inflation increased to 20.31% from 17.52%.
The MPR remained at 26.5%, while the 364-day NTB stop rate fell to 16.62% at the 9 September auction.
Next week, attention will turn to the Dangote Refinery IPO, while investors will also watch the 21–22 September MPC meeting, oil prices and food-price pressures.
The market remains strongly positive for the year, with the NGX delivering a 56.19% year-to-date return, but the sharp swings seen this week show that volatility remains high.
.jpg)