Stock Market LIVE: GIFT Nifty signals positive open; Asia markets mixed

The Nigerian stock market experienced a decline last week, as selling pressure on Aradel Holdings, First Holdco, Nestle Nigeria, and Fidelity Bank led to a reduction in market capitalization by N1.58 trillion. This brought the market close to N161.26 trillion, marking a 0.97% decrease week-over-week. The Nigerian Exchange Limited All-Share Index dipped to 248,363.55 basis points, signaling a 59.60% return year-to-date.

Market sentiment remained weak, with negative market breadth, as 54 stocks declined while only 23 advanced. Triple Gee & Company saw a gain of 32.62%, while Guinea Insurance rose by 29.17%. Critical Minerals Financing Corp (CMFC) led the decliners by 20.27%, and ABC Transport and Japaul Gold & Ventures fell by 18.24% and 11.11%, respectively.

Investor activity was lower than the previous week, with 2.715 billion shares traded, totaling N158.280 billion in deals. The Financial Services Industry dominated activity, with 2.005 billion shares worth N82.924 billion in 94,483 deals. Consumer Goods and ICT Industries also contributed significantly to the turnover. The anticipation of Q3 2026 earnings releases may boost interest in select stocks with positive earnings prospects.

Analysts expect a modest recovery in buying interest, while Imperial Asset Managers noted that investors may remain selective due to the recent rebound and lower turnover. The focus will likely shift towards third-quarter earnings and company-specific disclosures.