Nigerian Stock Market Ends Week in Red, Investors Lose N491 Billion
Selloffs in key stocks drag market down by 0.64% as market capitalisation falls below N76 trillion
Stock Market Closes Bearish, N491bn Wiped Off Investors’ Holdings
The Nigerian Stock Exchange ended the week on a bearish note Friday, with a sharp N491 billion loss in market capitalisation as investors reacted to widespread selloffs.
Figures from the NGX show that the market capitalisation dropped from N76.453 trillion on Thursday to N75.962 trillion, marking a 0.64% decline. Similarly, the All-Share Index slipped by 776.92 points to close at 119,995.76 from 120,772.68.
The downturn was largely driven by profit-taking in major stocks such as Legend Internet, BUA Cement, FTN Cocoa Processor, and Oando, among others. Out of 130 traded equities, 32 declined while 28 posted gains, reflecting weak market breadth.
Legend Internet topped the losers’ chart, plunging 9.98% to N8.03 per share. BUA Cement followed closely with a 9.92% decline to N95.40. FTN Cocoa Processor lost 9.76% to end at N3.33, while Oando fell 8.72% to N56.50. McNichols also shed 8.44%, closing at N2.17 per share.
On the flip side, Neimeth Pharmaceuticals led the gainers, rising 10% to N5.94 per share. Learn Africa and Mecure each gained 9.91%, ending at N5.10 and N12.20 respectively. Academy Press advanced 9.44%, while Smart Products Nigeria rose 9.09% to close at 60 kobo.
Trading activity also saw a decline, with 625.78 million shares worth N12.78 billion exchanged in 21,800 deals—down from 892.97 million shares valued at N18.23 billion in 25,375 transactions the previous day.
Ja Paul Gold led volume trading with 88.26 million shares worth N192.04 million. It was followed by 80.04 million shares traded at N555.75 million. Access Corporation, Caverton, and Zenith Bank also featured prominently on the activity chart, with Zenith recording the highest value at N1.76 billion.
Market analysts suggest cautious trading may persist in the short term, pending economic indicators and corporate performance reports in the coming weeks.
Ask ChatGPT
