Share prices of 55 companies listed on the Nigerian Exchange Limited (NGX) fell last week as investors took profits, while 20 stocks posted gains, according to data released by the exchange.
The mixed performance reflects a market correction after the strong gains recorded earlier in the year, with the overall sentiment turning negative despite buying interest in selected equities.
NGX’s total market capitalisation slipped by more than N206 billion, closing at N160.519 trillion versus N160.725 trillion the week before. The All‑Share Index (ASI) also eased, ending at 247,222.27 points compared with 247,539.73 points in the prior session. Trading activity amounted to 2.024 billion shares worth N110.773 billion across 173,113 deals, down from 1.659 billion shares valued at N98.088 billion in 184,632 deals the week earlier.
Sector‑wise turnover was led by the Financial Services industry, which accounted for 1.111 billion shares valued at N53.908 billion (54.89 % of volume and 48.66 % of value). The Consumer Goods sector followed with 394.039 million shares worth N9.811 billion, and Agriculture recorded 147.170 million shares valued at N2.821 billion.
“The near‑term outlook for the Nigerian equities market remains cautious as investors balance the need to preserve gains against opportunities in selected stocks,” said analysts at InvestData Consulting Limited. “Continued selling pressure in banking, energy and other influential stocks could prolong the market’s consolidation, and further weakness in large‑capitalised stocks may keep the benchmark under pressure even if some equities record positive returns.”
The decline occurred against a backdrop of sharply rising international oil prices, driven by escalating geopolitical tensions in the Middle East. While higher crude prices could boost Nigeria’s export earnings and government revenue, they also raise concerns about domestic fuel costs, inflation and business expenses, factors that investors are closely monitoring.
<small>Source: Vanguard News — read the original story there.</small>
