Nigerian Equities Lose N1.4trn in One Week

The Nigerian equities market lost ₦1.4 trillion last week, reversing earlier gains as bearish sentiment dominated four of five trading sessions.

Market capitalisation fell to ₦123.7 trillion from ₦125.1 trillion, while the All-Share Index (ASI) dropped 1.11% to close at 192,826.78, down from 194,989.77 the previous week.

The week began positively on Monday, with investors gaining ₦804 billion, but losses quickly followed: ₦1.1 trillion on Tuesday, ₦74 billion on Wednesday, ₦515 billion on Thursday, and ₦475 billion on Friday.

Turnover stood at 5.494 billion shares worth ₦196.7 billion in 370,233 deals, lower than the 7.662 billion shares valued at ₦252.6 billion traded the previous week.

By volume, the Financial Services Industry led activity with 3.24 billion shares worth ₦82.8 billion, contributing 59% of turnover. The Oil and Gas Industry followed with 898 million shares worth ₦38.8 billion, while the Services Industry recorded 360 million shares worth ₦5.8 billion.

Top trades included Japaul Gold & Ventures Plc, Fortis Global Insurance Plc, and Zenith Bank Plc, which together accounted for 1.58 billion shares worth ₦33.5 billion.

In terms of price movement, 32 equities appreciated, down from 71 the previous week, while 69 equities declined, up from 41. Fortis Global Insurance Plc gained 56.67%, Okomu Oil Palm Plc rose 20.92%, and Infinity Trust Mortgage Bank Plc added 20.63%. On the downside, Associated Bus Company Plc shed 25%, while Daar Communications Plc lost 20.68%.

Analysts say the sharp reversal reflects profit-taking, weak investor sentiment, and global market pressures, with volatility expected to persist in the near term.