Nigerian Stock Market Ends Week on Bearish Note with 90,589 Deals Exchanged

The Nigerian stock market ended the week on a bearish note as the Nigerian Exchange (NGX) All-Share Index and market capitalization depreciated by 0.39% and 0.37% respectively, closing at 165,512.18 points and N105.959 trillion. Throughout the week, most indicators closed lower, except for NGX Oil & Gas, NGX Lotus II, NGX Growth, NGX Commod, and five other sectors.

Investors traded a total turnover of 3.748 billion shares valued at N99.865 billion in 237,179 deals during the week, representing a decline compared to the previous week. Financial services led market activities with a volume of 1.742 billion shares valued at N44.893 billion traded in 18,322 deals.

The ICT industry ranked third in turnover with 303.216 million shares valued at N5.932 billion traded in 24,107 deals. The top three equities by volume were Secure Electronic Technology Plc, Tantalizers Plc, and others.

Market breadth weakened during the week, with 58 equities recording price appreciation, lower than the 80 equities in the previous week. Nigeria's foreign exchange reserves also rose for the first time in five months, providing support to the Central Bank of Nigeria's commitment to supplying liquid foreign exchange to reduce pressure on the local currency.