NGX recorded its first negative close of the week on Wednesday, as profit-taking slowed the market’s recent upward momentum.
Despite starting the week on a positive note, the market dipped by 0.10% or ₦74 billion, reflecting growing investor caution.
After losing ₦500 billion last week, investors rushed to buy undervalued stocks early this week.
However, profit-taking reversed the market’s positive momentum, causing a 0.10% decline, or ₦74 billion loss.
The NGX All-Share Index (ASI) fell from 105,593.28 points to 105,475.38 points, while market capitalisation dropped from ₦66.214 trillion to ₦66.140 trillion.
Analysts’ Predictions Prove Accurate
Earlier, analysts at Vetiva Research predicted that while strong inflows into banking and insurance stocks could sustain bullish sentiment, profit-taking might curb further gains, especially with major bank earnings reports approaching.
Meanwhile, investors focused on Lafarge Africa, Sovereign Trust Insurance, Cutix, Fidelity Bank, and Access Holdings, as they traded 5.76 billion shares valued at ₦342.61 billion across 10,908 deals.
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At the same time, UH REIT led the day’s losers by plunging ₦5.65 or 9.93 per cent to ₦51.25.
Similarly, ABC Transport dropped 9.80% to ₦1.38, while Champion Breweries slipped 5% to ₦3.80.
Corporate Updates
In a related development, Eterna Plc’s Board of Directors approved its 2024 Audited Financial Statements and plans to file them with the NGX by March 31, 2025.
Additionally, Unilever Nigeria Plc appointed Adenike Ogunlesi as an Independent Non-Executive Director, effective March 24, 2025.
Looking ahead, investors remain cautious, balancing market opportunities with the risk of further profit-taking as the week progresses.
