The Nigerian equity market lost N178 billion last week, with the All-Share Index and Market Capitalisation depreciating by 0.04% to close at 100,022.03 and N56.581 trillion respectively.
As reported by PUNCH, According to the data, the price appreciation of 37 stocks during the week was less than that of 48 stocks the week before. Additionally, 72 stocks stayed the same while 45 stocks had a price decline compared to 34 stocks in the previous week.
Investors traded a total of 2.259 billion shares worth N31.166 billion in 42,851 deals, down from the 2.651 billion shares worth N49.976 billion in 41,610 deals transacted a week earlier.
The financial services industry led the activity chart, accounting for 1.801 billion shares worth N22.030 billion exchanged in 23,112 deals, contributing 70.69% and 79.75% of the total stock turnover value and volume respectively.
The oil and gas industry came in second with 121.001 million shares valued at N1.771 billion traded in 3,124 transactions, while the conglomerate sector recorded 90.713 million shares valued at N1.081 billion in 2,277 deals.
The top three equities by volume - Fidelity Bank Plc, Universal Insurance Plc, and Guaranty Trust Holding Company Plc - accounted for 909.821 million shares worth N12.057 billion in 4,798 deals, contributing 40.28% and 38.69% to the total equity turnover volume and value respectively.
All other indices finished higher with the exception of NGX 30, NGX Premium, NGX Meristem Value, NGX Consumer Goods, NGX Lotus II, and NGX Pension Broad, which depreciated by 0.27%, 0.52%, 0.01%, 0.69%, 0.56%, and 0.07% respectively. The NGX Alternative Securities Market and NGX Sovereign Bond indices closed flat.
This comes after it was reported last week that investors in Nigeria's equity market gained N475 billion, buoyed by Computer Warehouse Group, FTN Cocoa Processors, and United Capital Plc.
The decline in the equity market value is likely due to a combination of factors, including profit-taking by investors, global economic uncertainties, and domestic macroeconomic challenges.