Nigerian Equity Market Opens Bearish, Loses N1.365 Trillion

The Nigerian equity market commenced the week on a bearish note, experiencing a decline of N1.365 trillion as investors engaged in profit-taking activities. The market capitalization fell by 0.94%, closing at N143.967 trillion, down from N145.334 trillion reported on Friday.

The NGX share index depreciated by 2120.20 basis points, closing at 223602.29 points, compared to the previous day's close. This negative performance was primarily driven by losses in shares of major banks including Fidelity Bank, FirstHoldCo, UBA, Access Bank, Zenith Bank, and GTCO, among others.

The market breadth was negative, with 40 decliners against 35 gainers, resulting in a year-to-date return of 43.69%. On the gainers' side, Abbei Build Society led with a 9.26% increase, closing at N5.90 per unit, while Wema Bank and NPF Micro Finance Bank also recorded gains.

In terms of trading volume, there was a decrease of 23.386 million shares, representing a 3.57% decline, with a total transaction value of N35.888 billion across 77,290 deals.