The Nigerian equity market continued its downward trajectory, with the All-Share Index and market capitalization falling by 1.51%, leading to a loss of ₦847.03 billion in value. The market closed the week at 97,100.31 points and ₦55.13 trillion, marking the second consecutive week of decline driven by significant sell-offs.
Trading activity was lower compared to the previous week, with 2.03 billion shares valued at ₦42.16 billion exchanged in 45,157 deals. The financial services industry led the trading activity, contributing the majority of the turnover volume and value. The oil and gas industry and the services industry followed in terms of activity.
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Despite a slight increase in trades involving exchange-traded products, most market indices ended lower, except for gains recorded in the insurance,
consumer goods, oil & gas, lotus II, and growth indices.
In terms of price movement, fewer equities appreciated compared to the previous week, while a larger number of equities saw price declines. R.T. Briscoe emerged as the top gainer, while Cutix led the losers.
Analysts from Afrinvest forecast a continued bearish trend, attributing it to mixed earnings reports and cautious investor sentiment in response to a modest decline in inflation rates.
