Nigerian Stock Market Loses N1.40 Trillion Amid Selling

The Nigerian stock market faced significant selling pressures, resulting in a loss of N1.40 trillion in market capitalization, dropping from N125.164 trillion to N123.763 trillion. The NGX share index declined by 1.11% week-on-week, closing at 192,826.77 points.

This downturn reversed some of the previous week's gains and indicated a bearish sentiment among investors, with a market breadth showing 32 gainers against 69 decliners. Trading activity weakened, with a turnover decline of 28.42% to N196.44 billion across 370,020 deals, despite a 7.25% increase in the number of deals.

The industrial goods index fell by 0.69% due to notable sell-offs in Lafarge Africa Plc and Beta Glass Plc. Conversely, the oil and gas sector emerged as a top gainer with an 8.66% increase, driven by price stabilization in Seplat Energy Plc and Japaul Gold Venture Plc.

The banking index also appreciated by 5.68%, reflecting renewed interest in FBNHoldco Plc and Stanbic IBTC Holdings Plc.