Nigerian Equity Market Loses N2.422 Trillion Amid Profit-Taking

The Nigerian equity market concluded the week on a bearish trajectory, shedding N2.422 trillion as sustained profit-taking continued to weigh down stock performance. The benchmark NGX share index (ASI) declined by 1.65%, closing at 232,049.02 points, while the market capitalization settled at N148.905 trillion.

Year-to-date returns have decreased by 49.12%, reflecting a cautious investor outlook amid ongoing profit-taking. The market breadth remained negative, with 22 gainers compared to 57 decliners, and 67 stocks remaining unchanged.

Trading activity weakened, with a reduction in market participation; the number of deals and trading volume decreased by 12.13% and 24.42%, respectively. A total of 2.324 billion shares worth N134.486 billion were traded across 249,328 deals.

The financial services industry led trading volume, contributing 65.53% of total equity turnover, followed by the ICT and consumer goods sectors. The oil and gas sector experienced a decline of 9.86%, marking the second consecutive week of losses.