Nigerian Equity Market Declines 1.21% Amid Profit-Taking

The Nigerian equity market experienced a decline, with the NGX All-Share Index (ASI) falling by 1.21% week-on-week, closing at 229,240.34 points. This decline represents a decrease of 280.68 basis points, with market capitalization dropping by approximately ₦1.80 trillion to ₦147.10 trillion.

Year-to-date returns are moderate at 47.31%, indicating cautious investor positions amid sustained profit-taking. The market showed weakness with 22 advancers against 57 decliners.

Despite the bearish sentiment, trading activity increased, with total investor exchange reaching 3.821 billion shares valued at ₦154.393 billion across 258,567 deals. The financial services industry led trading volume, contributing 60.99% of total equity turnover.

Major sectors, including industrial goods and consumer goods, recorded significant declines, driven by aggressive sell-offs in heavyweight stocks like Lafarge Africa and Dangote Cement. The banking index also retreated by 3.72%, influenced by losses in Zenith Bank and GTCO, as investors rebalanced portfolios ahead of the earnings season.