The Nigerian equity market has continued its downward trajectory for the second consecutive week, with losses totaling approximately N847.03 billion. This decline marks a 1.51% drop in both the All-Share Index and market capitalization, closing the week at 97,100.31 points and N55.13 trillion, respectively.
Trading activity saw a decrease in volume, with 2.03 billion shares worth N42.16 billion exchanged across 45,157 transactions. This compares to the previous week’s trading of 2.68 billion shares valued at N49.02 billion in 47,451 deals.
The financial services sector led the trading volume, accounting for 1.38 billion shares valued at N25.65 billion through 20,132 transactions. This sector represented 67.73% of the total equity turnover volume and 60.85% of the total value. The oil and gas sector followed with 276.73 million shares worth N6.03 billion traded in 6,848 deals, while the services industry traded 101.22 million shares valued at N682.06 million across 2,475 transactions.
Among the most actively traded stocks were Guaranty Trust Holdings Company, Veritas Kapital Assurance, and Japaul Gold & Ventures. These stocks collectively accounted for 674.23 million shares valued at N16.06 billion, making up 33.16% of the total turnover volume and 38.08% of the total value.
Trading in exchange-traded products saw a modest increase, with 149,795 units worth N7.995 million traded across 139 deals, up from the previous week’s 20,375 units valued at N5.912 million in 148 deals.
Despite the overall market downturn, certain indices showed gains. The insurance, consumer goods, oil & gas, lotus II, and growth indices recorded increases of 0.79%, 0.37%, 5.25%, 0.42%, and 6.14%, respectively. The ASeM index remained stable.
Price movements revealed that 39 equities saw gains, a decrease from the 46 gainers the previous week. Conversely, 66 equities experienced declines, up from 38 the prior week, while 46 equities remained unchanged, compared to 67 the week before.
R.T. Briscoe led the gainers with a 33.86% increase, followed by TotalEnergies Marketing Nigeria Plc with a 19.69% rise, and Julius Berger Nigeria Plc with an 18.18% gain. On the losing side, Cutix saw the largest drop at 17.50%, with BUA Cement and Oando declining by 14.82% and 11.70%, respectively.
The Nigerian Exchange (NGX) recently lifted the suspension on Guinea Insurance shares, effective August 12.
Analysts at Afrinvest anticipate that the bearish trend may continue due to mixed earnings reports and cautious market reactions. They predict an extended downturn driven by fluctuating earnings and the recent modest decline in headline inflation.