The Nigerian equities market closed Thursday in the red, with the benchmark All-Share Index (ASI) shedding 213.5 points, or 0.15%, to settle at 140,716.10. Market capitalization also declined to ₦89.06 trillion, down from ₦89.19 trillion in the previous session, reflecting weak market breadth despite isolated gains.
Dangote Sugar Hits Daily Ceiling
Dangote Sugar Refinery Plc was the standout performer, surging by the maximum daily limit of 10.00% to close at ₦59.40 per share. The strong rally placed it at the top of the advancers’ chart, signaling renewed investor interest in the consumer goods counter.
FUGAZ Banking Giants Drive Market Turnover
Trading activity was notably lighter, with investors exchanging 442.55 million shares, down from 759.05 million in the prior session. However, the market remained dominated by the FUGAZ banking stocks First Bank Holdings, UBA, GTCO, AccessCorp, and Zenith Bank.
Zenith Bank led the volume chart with 68.9 million shares traded.
AccessCorp followed with 47.3 million shares, while
FBN Holdings (FirstHoldCo) recorded 46.1 million shares.
Price performance among the tier-one banks was largely positive: UBA (+1.74%), Zenith Bank (+1.33%), GTCO (+1.11%), FirstHoldCo (+0.98%), and AccessCorp (+0.40%).
Market Outlook
The ASI’s decline, despite Dangote Sugar’s rally and strong bank performances, underscores the market’s narrow breadth and persistent volatility. Analysts note that sustained recovery will depend on broader sector participation and improving investor sentiment beyond the heavyweight banking counters.
