Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market ended the week on a negative note, shedding 0.62% as profit-taking, particularly in oil and gas stocks, dragged the market lower.
At the close of trading for the week ended Friday, May 23, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) declined to 109,028.62 points from the previous week’s 109,710.37.
Source: Getty Images
Market capitalisation also dropped by N202 billion to N68.751 trillion, compared to N68.953 trillion the week before.
The Oil & Gas sector bore the brunt of the sell-offs, with the NGX Oil & Gas Index falling 3.44% week-on-week, the heaviest sectoral loss.
The NGX Banking Index also slipped, down 1.52%.
In contrast, the NGX Consumer Goods Index advanced 2.09%, while the NGX Insurance and NGX Industrial Indices rose by 0.73% and 0.72%, respectively, as bargain hunters selectively moved into those sectors.
On Friday, a total of 637,541,391 shares were exchanged in 15,927 deals, valued at N18.12 billion.
Top 5 gainers:
Source: Getty Images
Naira trades high
Earlier, Legit.ng reported that the Nigerian currency rose to N1,579 per dollar, up from N1,583.92 it traded the previous day.
The naira has continued its upward swing in May, rising from N1,612 as of May 7, 2025, the lowest this month.
Olayemi Cardoso, the governor of CBN, has attributed the naira’s stability to reforms by the bank.
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Source: Legit.ng
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