Nigerian Equities Market Drops N534 Billion Amid Sell-offs

The Nigerian equities market closed on a bearish note, with a decline of N534 billion attributed to renewed sell-offs in selected stocks. The benchmark NGX All-Share Index (ASI) decreased by 0.33 percent week-on-week, closing at 247,539.73 points, while market capitalisation fell to N160.73 trillion.

The year-to-date return moderated to 59.07 percent. Key contributors to the decline included Zenith Bank, MTN Nigeria Communications, First Holdco, and Guaranty Trust Holding Company.

Despite the overall decline, the market breadth was positive, with 49 gainers compared to 29 decliners. Livestock Feeds led the gainers with a 44.49 percent increase, closing at N19.00 per share. e-Tranzact International and Multi-Trex Integrated Foods also saw significant gains.

Conversely, Nigerian Enamelware led the decliners with a 9.95 percent drop, followed by NASCON Allied Industries and Trans-Nationwide Express. A total turnover of 1.659 billion shares worth N98.088 billion was traded, down from the previous week’s 2.715 billion shares valued at N158.280 billion.

Cordros Securities Limited anticipates improved market sentiment due to bargain hunting and upcoming earnings releases.