The Nigerian equities market, which began the week with promising gains, experienced a setback as profit-taking activities led to a 0.2% week-on-week (w/w) decline in the All-Share Index, which settled at 96,433.53 points. This decline has moderated the Year-to-Date return to +29.0%.
Key stocks such as DANGSUGAR (-5.5%), ZENITHBANK (-2.0%), and WAPCO (-3.5%) were at the forefront of the profit-taking activities, which triggered the overall market dip. Trading volumes and values also showed a decrease, with total trading volume falling by 23.7% w/w and total trading value down by 3.3% w/w.
Sectoral performance was mixed, with declines in the Insurance (-4.5%), Consumer Goods (-1.2%), Industrial Goods (-0.2%), and Banking (-0.1%) indices. Conversely, the Oil and Gas sector showed a positive trend, advancing by 1.5%.
Market Analysts advice investors on need to engage in cautious trading and selective buying as they await broader market developments.as there is a potential for profit-taking on stocks that have seen significant appreciation in recent times.
