Nigeria, Aug. 25 -- Profit-taking seems to be settling in as Nigerian stocks receded at a sharper pace last week.

The market may even see further pullbacks, with a number of equities already trading at their 52-week highs and stocks generally lacking strong drivers to advance higher in the near term, according to analysts.

Earnings announcements by some big lenders that are yet to release their half-year results could play a key role in driving trade, considering how much of daily market transaction volume is contributed by the banking sector alone.

"The market is likely to retreat as profit-taking sets in," researchers at the brokerage United Capital said in their investment view for this week.

"However, investors' interest should re...