Nigeria, Sept. 1 -- Nigerian stocks depreciated by 0.5 per cent last week on the back of profit-taking activities, especially in bank and insurance stocks. Trade volume also declined by as much as 33 per cent, with financial services equities accounting for the bulk of the transactions.

The NGX Insurance Index shed 8.2 per cent, setting the broader index up for a 0.8 per cent retreat.

"We anticipate a gradual build-up in market momentum, particularly as investors aim to take advantage of attractive entry opportunities across tickers that shed prices last week," analysts at Meristem Securities had said in their outlook.

"A handful of tickers still trading at their year-highs offer opportunities for further profit-taking activities this ...