The Nigerian equities market ended on a weak note as investors recorded a significant loss of about N1.02 trillion in market capitalisation. The downturn was largely driven by sell-offs in banking and oil & gas stocks, which weighed heavily on overall market performance at the Nigerian Exchange Group (NGX).
According to trading data from the NGX, the All-Share Index (ASI) slipped to 243,204.73 points from 244,738.74 points in the previous session. This decline reflected a negative market breadth, as more stocks closed in the red than in the green during the trading day.
Market capitalisation also fell to N155.99 trillion, down from N156.97 trillion, reinforcing the broad-based losses across key sectors. The banking index dropped to 2,272.44 points, while the oil and gas index also weakened to 5,516.25 points. Industrial stocks followed the same trend, alongside mild losses recorded in the insurance and consumer goods sectors.
Despite the bearish mood, a few equities managed to post notable gains. Royal Exchange Plc led the advancers with a 10 per cent rise, followed closely by Ikeja Hotel Plc and Conhall Plc, which also recorded strong upward movement. However, this positive performance was not enough to offset the broader market decline.
Market analysts suggest a mixed outlook in the near term. While profit-taking continues to affect sentiment, expectations of half-year corporate earnings and strong liquidity in the financial system may support selective buying in fundamentally strong stocks. A sustained move above the 245,000-point level could signal recovery, but failure to hold current support may lead to short-term consolidation in the market.