Nigerian Stock Market Falls by N1.58 Trillion Amid Sell-Off

The domestic stock market in Nigeria closed lower last week, with sell pressures on Aradel Holdings, First Holdco, Nestle Nigeria, and Fidelity Bank leading to a depreciation of market capitalisation by N1.58 trillion, bringing it to N161.26 trillion. The Nigerian Exchange Limited All-Share Index decreased by 0.97 percent week-on-week, closing at 248,363.55 basis points, which moderated the market's year-to-date return to 59.60 percent.

The market sentiment was weak, with 54 decliners compared to 23 advancers. Tripple Gee & Company gained 32.62 percent, closing at N3.09, while Critical Minerals Financing Corp led the decliners with a 20.27 percent drop to N3.58.

A total turnover of 2.715 billion shares worth N158.280 billion was traded in 209,986 deals. The Financial Services Industry led the activity chart, contributing 73.84 percent to the total equity turnover volume.

Analysts expect the upcoming third quarter earnings releases to influence investor interest positively.