The Nigerian equity market experienced a significant downturn last week, shedding N815 billion due to bearish trading on Monday and Thursday. The NGX All-Share Index dropped by 1.16 per cent, while market capitalisation saw a slight decrease of 0.004 per cent, ending the week at 95,973.45 points and N55.13 trillion, respectively.
Throughout the week, investors traded 5.64 billion shares worth N33.05 billion across 42,006 deals. This marked an increase in volume from the previous week’s 2.03 billion shares but a decrease in value from N42.155 billion in 45,157 deals.
The financial services sector dominated trading activities, with 4.977 billion shares valued at N17.877 billion, accounting for 88.22 per cent of total equity turnover volume and 54.09 per cent of total value, across 19,064 deals.
The oil and gas sector followed with 179.469 million shares worth N8.954 billion in 5,780 deals, while the services sector ranked third, with a turnover of 123.505 million shares valued at N525.417 million in 2,436 deals.
Standard Insurance, Jaiz Bank, and Guaranty Trust Holding Company were major contributors, accounting for 3.951 billion shares worth N7.947 billion in 1,839 deals, representing 70.04 per cent of total equity turnover volume and 24.04 per cent of total value.
- Most indices closed the week lower, except for the Main Board, Banking, Insurance, NGX AFR Bank Value, AFR Div Yield, MERI Growth, MERI Value, and Oil & Gas, which posted gains of 0.98 per cent, 0.17 per cent, 0.37 per cent, 1.90 per cent, 0.47 per cent, 6.31 per cent, 3.94 per cent, 0.38 per cent, and 3.54 per cent respectively. The Alternative Securities Market Index remained unchanged.
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Overall, 43 equities appreciated, an improvement from the 39 recorded the previous week. In contrast, 34 equities declined, down from 46 the previous week, while 74 remained unchanged, compared to 66 in the prior week. This marks the second consecutive week of decline for the local bourse as sell-off pressure continues to mount.
