Stocks End April on a Flat Note as Low Turnover Drags NGX All-Share Index 0.12 % Lower

The Nigerian Exchange (NGX) wrapped up the last trading session of April in lethargic fashion, illustrating how a bull-heavy market can still close in the red when cash is scarce.

Cowry Research data for 30 April 2025 show that:

Market snapshot

30 Apr 2025

Δ vs. previous day

All-Share Index

105,800.85 pts

-0.12 %

Deals

17,519

+5.42 %

Volume

393 m shares

-46.39 %

Value

₦12.76 bn

-63.85 %

Market cap

₦66.5 tn

-0.12 %

YTD change

+2.79 %

–

Gainers v. Losers

39 equities advanced; 25 declined.

Livestock Feeds (+9.97 %), C&I Leasing (+9.89 %) and McNichols (+9.88 %) headed the winners’ table, while ABCTRANS (+9.57 %) continued its rally on logistic-sector optimism.

On the flip side, Ecobank Transnational Incorporated (ETI –10.0 %), International Breweries (-10.0 %) and Ikeja Hotel (-9.89 %) suffered heavy profit-taking.

Liquidity dries up

Turnover told a different story: trade value crashed 64 % to ₦12.8 billion and volumes halved to 393 million shares, revealing investors’ caution ahead of next week’s Monetary Policy Committee communiqué, where another 100-basis-point rate hike is widely expected.

Heavyweights set the tone

Banking bellwether UBA dominated the tape (38.9 m shares), followed by Wema Bank and Fidelity Bank. Their combined ₦2.3 billion worth of trades accounted for almost a fifth of total market value.

Sentiment check

April ends with the ASI 2.8 % higher year-to-date, a respectable performance compared with the 2.66 % gain logged for Q1 as a whole. But the index has shed roughly 1 % in the past fortnight, underscoring a tug-of-war between solid corporate earnings and tightening domestic liquidity.

Outlook

With first-quarter GDP printing at 3.84 % (y/y) and March inflation still elevated at 24.23 %, fund managers told Arbiterz they expect sideways trading until clearer macro signals emerge. Value hunters may cherry-pick in the insurance and logistics pockets where price momentum remains positive, but bargain buyers should brace for thi

n liquidity and swift rotations in early May.

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