Nigerian Exchange Market Declines 0.97% Amid Weak Sentiment

The Nigerian equities market closed on a bearish note, declining by 0.97% week-on-week, resulting in a market capitalization decrease of N1.582 trillion, closing at N161.260 trillion from N162.842 trillion. The NGX benchmark All Share Index fell by 2436.72 basis points, ending at 248363.55 points compared to 250808.27 points reported two weeks prior.

Market sentiment remained weak, with 54 decliners against 24 advancers, leading to a year-to-date return of 59.60%. Trading activity showed mixed results, with the number of deals and transaction value increasing by 1.61% and 2.10% week-on-week, while trading volume declined by 14.25%.

Investors traded 2.715 billion shares valued at N158.280 billion across 209,985 deals. The financial services industry led trading activity, contributing significantly to total equity turnover.

The Oil and Gas sector led the downturn with a 3.85% decline, followed by the Banking sector with a 2.64% decline, reflecting losses in major banks despite some gains in others.