Nigerian Equities Market Loses N2.099 Trillion This Week

The Nigerian equities market experienced a significant downturn, shedding N2.099 trillion as bearish sentiment prevailed. The market capitalization fell from N156.623 trillion to N154.533 trillion, marking a decline of approximately 1.34%.

The NGX All-Share Index (ASI) decreased by 3,268.04 basis points or 1.35% week-on-week, closing at 239,351.16 points. Investor participation diminished, evidenced by a negative market breadth of 18 gainers against 59 decliners and 70 stocks remaining unchanged.

Trading activity saw a decline in the number of deals, trading volume, and transaction value by 16.79%, 48.47%, and 10.39% respectively. A total of 6.26 billion shares valued at N157.085 billion were exchanged across 186,966 trades.

The financial services industry led trading with 5.594 billion shares worth N56.431 billion, while the ICT industry followed with 143.704 million shares valued at N29.793 billion. The oil and gas sector led the losers, declining by 5.29%, driven by losses in ARADEL and JapaulGold.