By theG&BJournal
SAT FEB 28 2026-theGBJournal| The NGX benchmark index, the All-Share Index (ASI) declined by 1.1% week-on-week by close of trade on Friday, as sustained profit-taking pressure dragged equities lower and snapped recent gains.
Investors moved to lock in profits following prior rallies, triggering broad-based selloffs across key sectors.
Sell pressures on BUAFOODS (-6.6%), MTNN (-2.6%), DANGCEM (-2.6%), WAPCO (-4.8%), and TRANSCORP (-4.3%) dragged the index lower, moderating month-to-date and year-to-date returns to +16.6% and +23.9%, respectively. Market Capitalization dumped over N400 billion to close at N123.763 trillion.
Trading activity was mixed, with volume declining by 16.9% w/w, while value surged by 91.8% w/w. Sectoral performance was broadly negative, as the Consumer Goods (-3.5%), Industrial Goods (-0.7%), Insurance (-0.6%), and Oil & Gas (-0.4%) indices closed lower, while the Banking (+0.7%) index was the sole gainer for the week.
Trading activity throughout the week reflected cautious sentiment, with market participants trimming positions in bellwether stocks that had previously driven the index higher.
The pullback underscores growing sensitivity to valuation levels amid shifting macroeconomic signals and evolving policy expectations.
Sector performance tilted largely negative, as declines in banking, industrial, and consumer goods counters weighed heavily on the benchmark.
Despite intermittent bargain hunting, selling pressure dominated most sessions, keeping the market firmly in the red.
Analysts say the correction may represent a healthy breather for the market after recent upward momentum, but near-term direction will likely hinge on liquidity conditions, interest rate expectations, and corporate earnings outlooks.
For now, investors appear focused on consolidating gains rather than chasing fresh positions, amid fresh raft of corporate earnings report.
Meanwhile, the NASD OTC market closed on a bullish note, extending the gains recorded in the previous session. The NASD Securities Index (NSI) advanced by 1.22% to settle at 4,083.87 points, while market capitalisation increased by the same margin to close at N2.44 trillion.
Trading activity was mixed during the session. Total volume traded increased significantly by 243.03% whereas the value of trades declined by 19.74%.
On the performance table, SDIGIPLC (+10.00%) led the gainers’ chart, and there were no losers recorded in the session
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