Nigerian Equities Market Loses N813 Billion Amid Sell-offs

The Nigerian equities market ended the week with a decline, shedding N813 billion as renewed sell-offs in selected heavyweight stocks outweighed gains in other sectors. Market capitalization decreased by 0.50% to N162.842 trillion from N163.655 trillion.

The benchmark NGX All-Share Index (ASI) fell by 0.52% week-on-week, closing at 250,808.27 points, down from 252,113.41 points two weeks prior. Despite the decline in the headline index, the market breadth was positive with 44 gainers compared to 37 losers, resulting in a year-to-date return of 61.17%.

However, losses in larger-cap stocks pressured the ASI. Trading activity weakened, with a 22.65% drop in the number of deals, a 32.48% decline in trading volume, and a 35.63% decrease in transaction value week-on-week.

The Financial Services Industry led trading with 1.944 billion shares valued at N77.733 billion, contributing significantly to total equity turnover. The Insurance sector was the strongest performer, while the Banking sector saw a 1.33% contraction.