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The Nigerian equity market experienced a significant decline last week, shedding N1.45tn in market capitalisation. The All-Share Index fell by 2.94%, closing the week at 102,353.68 points, while the market capitalisation dropped by 2.26% to N62.85tn.

A total of 2.252 billion shares, valued at N58.83bn, were traded in 63,657 deals, representing a decrease compared to the previous week’s 4.698 billion shares worth N85.04bn traded in 72,562 deals.

The Financial Services Industry led trading, accounting for 1.371 billion shares valued at N22.27bn, representing 60.86% of the total volume and 37.86% of the total value. The Consumer Goods Industry followed with 253.54 million shares worth N15.24bn.

The most traded stocks last week were Universal Insurance Plc, Guaranty Trust Holding Company Plc, and AIICO Insurance Plc, which made up 468.32 million shares worth N9.01bn, contributing 20.79% to the total volume and 15.31% to the total value.

Despite the broader market losses, some indices recorded marginal gains, including the MERI Value, Consumer Goods, Growth, and Sovereign Bond indices, which rose by 0.70%, 1.33%, 0.15%, and 0.04%, respectively.

Last week, 33 stocks appreciated in price, down from 51 gainers in the previous week. Meanwhile, 57 equities depreciated in price, higher than 39 in the previous week, while 62 equities remained unchanged.

Neimeth International Pharmaceuticals Plc emerged as the top gainer, with a 31.42% increase, closing at N3.43 from an opening price of N2.61. Other notable gainers included S.C.O.A Nigeria Plc, Nigerian Flour Mills Plc, Livestock Feeds Plc, and Dangote Sugar Refinery Plc.

On the other hand, Universal Insurance Plc led the decliners with a 19.23% drop in its share price, closing at N0.63 from an opening price of N0.78. Other significant losers included Royal Exchange Plc, Regency Assurance Plc, Sovereign Trust Insurance Plc, and Dangote Cement Plc.

Globally, stock market sentiment was influenced by China’s better-than-expected Q4 2024 GDP growth, a slowdown in US core inflation, and an improved outlook for potential Federal Reserve rate cuts. As a result, the MSCI World Equity Index saw a 2.0% weekly gain.

In the US, the consumer price index increased by 0.4% in December, in line with expectations, while the 12-month inflation rate stood at 2.9%. The annual core CPI, however, came in better than anticipated, signalling a more favourable economic outlook.

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