The Nigerian Exchange (NGX) experienced continued declines last week due to profit-taking and sell pressure on highly priced stocks and blue-chip companies.
Investors are cautious, waiting for inflation data and half-year earnings reports to guide their decisions, resulting in a loss of over N140 billion.
The NGX All-Share Index (ASI) also fell, closing at 99,671.28 points from 100,022.03 points the previous week.
Key stocks like Guaranty Trust Holding Company, Transcorp, Seplat, and UBA saw significant price drops, driving the ASI lower by 0.4% week-on-week, with market capitalization dropping to N56.44 trillion.
Despite the downturn, trading activity levels increased, with total trading volume and value rising by 22.4% and 173.5% week-on-week, respectively.
Analysts expect mixed market performance in the coming weeks, with bargain-hunting balanced by intermittent profit-taking as the half-year earnings season approaches.