The Nigerian equities market extended its losing streak last week as profit-taking by investors pushed share prices down across 55 listed companies on the Nigerian Exchange Limited (NGX).
The weekly decline reflects ongoing portfolio realignments following substantial gains recorded in earlier quarters, as investors take off profits amid shifting macroeconomic signals.
Market capitalisation and index shed value
According to weekly trading data from the Exchange, total equity market capitalisation shrank by ₦206 billion to close at ₦160.519 trillion, down from ₦160.725 trillion recorded the previous week.
In tandem, the benchmark NGX All-Share Index (ASI) fell to 247,222.27 points from its previous week’s close of 247,539.73 points.
Market analysts attributed the persistent bearish pressure to broader concerns over rising global crude oil prices, driven by escalating geopolitical tensions in the Middle East.
While sustained higher oil prices could bolster Nigeria’s crude export revenues and fiscal reserves, investors remain cautious regarding their pass-through impact on domestic inflation, transportation tariffs, and corporate operational expenses.
Sectoral breakdown: Financial services leads turnover
Despite overall market weakness, trading volume witnessed an uptick. Investors traded a total turnover of 2.024 billion shares worth ₦110.773 billion across 173,113 deals, compared to 1.659 billion shares valued at ₦98.088 billion exchanged in 184,632 deals the prior week.
Financial Services Industry: Maintained its dominant position on the activity chart, accounting for 1.111 billion shares valued at ₦53.908 billion executed in 81,787 deals. The sector contributed 54.89% and 48.66% to the total equity turnover volume and value, respectively.
Consumer Goods Industry: Ranked second with a turnover of 394.039 million shares worth ₦9.811 billion traded across 17,912 deals.
Agriculture Industry: Positioned third, recording 147.170 million shares valued at ₦2.821 billion in 7,462 deals.
Market operators note that while targeted buying persisted in select high-cap stocks, the demand was insufficiently broad to reverse the broader pullbacks seen across mid-cap and small-cap equities.
Nigeria’s Stock Market Performance Overview
This video provides additional context and visual commentary on recent price movements and investor sentiment across the Nigerian Exchange.
Read Also: U.S. stock market suffers $4 trillion loss amid trade war concerns
