Nigeria’s stock market extended its losses last week as 55 listed companies recorded price declines, while 20 stocks gained on the Nigerian Exchange Limited (NGX), amid continued profit-taking by investors.
The market’s total capitalization fell by N206 billion to N160.519 trillion from N160.725 trillion recorded the previous week.
Similarly, the NGX All-Share Index declined by 317.46 points, or 0.13 percent, to close at 247,222.27 points from 247,539.73 points.
Despite the market downturn, trading activity increased in volume and value. Investors traded 2.024 billion shares worth N110.773 billion in 173,113 deals, compared with 1.659 billion shares valued at N98.088 billion in 184,632 deals in the preceding week.
The Financial Services Industry led trading by volume, with 1.111 billion shares worth N53.908 billion exchanged in 81,787 deals. It accounted for 54.89 percent of total trading volume and 48.66 percent of transaction value.
The Consumer Goods Industry followed with 394.039 million shares valued at N9.811 billion in 17,912 deals, while the Agriculture Industry ranked third with 147.170 million shares worth N2.821 billion in 7,462 deals.
Analysts at InvestData Consulting Limited said the market outlook remained cautious as investors weighed opportunities in selected stocks against the need to protect earlier gains.
They warned that continued selling pressure in banking, energy and other major stocks could prolong the market’s consolidation, with further declines in large-capitalization equities potentially weighing on the benchmark index.
