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The Nigerian stock market recorded a decline, shedding N476.0 billion in one week as investors traded a total of 1.818 billion shares worth N47.226 billion in 64,222 deals.
According to analysts, the decline was due to broad-based profit-taking and weak investor sentiment in the equities market. “The market is experiencing a correction after a period of gains,” said one analyst. “Investors are taking profits and adopting a wait-and-see attitude.”
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The market capitalization fell by 0.71% to N66.717 trillion from the previous week’s level, while the All-Share Index dropped by 1.19% to close at 106,538.60 points.
The financial services industry maintained its dominance on the activity chart, leading by volume with 1.260 billion shares worth N27.817 billion traded in 29,800 deals.
Zenith Bank Plc, Fidelity Bank Plc, and Access Holdings Plc were the most actively traded stocks, accounting for 451.558 million shares worth N13.583 billion in 10,055 deals.
“The market is still volatile, and investors need to be cautious,” said another analyst. “However, there are opportunities for long-term investors to take advantage of the current prices.”
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A total of 56,372 Exchange Traded Products valued at N6.280 million were traded in 99 deals, compared to 42,786 units worth N16.133 million recorded the previous week in 81 deals.
Similarly, 73,802 units of bonds valued at N75.768 million were traded in 31 deals, significantly lower than 346,089 units worth N351.766 million exchanged in 34 deals in the prior week.
The market breadth showed a mixed performance, as 30 equities appreciated, up from 27 in the previous week. However, 58 equities declined, slightly lower than the 60 recorded the previous week, while 62 stocks remained unchanged, compared to 63 a week earlier.
Despite the overall decline, the ASeM and Commodity indices posted gains of 0.04% and 0.19%, respectively, while all other indices closed lower.
As one analyst noted, “The market is still in a correction phase, but we expect it to rebound in the long term.
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