The Nigerian stock market closed the week on a bearish note, with investors losing a total of N491 billion in market value by Friday’s close.
The market capitalisation fell by 0.64%, dropping from N76.453 trillion on Thursday to N75.962 trillion. Similarly, the All-Share Index declined by 776.92 points, settling at 119,995.76, down from 120,772.68.
This downturn was primarily driven by sustained sell-offs in major stocks such as Legend Internet, BUA Cement, FTN Cocoa Processors, Oando, and 28 others.
Market Performance
The overall market sentiment was negative, with 32 stocks closing lower while 28 recorded gains.
- Legend Internet topped the losers’ chart, shedding 9.98% to close at N8.03 per share.
- BUA Cement followed closely, dropping 9.92% to N95.40.
- FTN Cocoa Processor declined 9.76%, finishing at N3.33, while
- Oando fell 8.72% to N56.50.
- McNichols also dropped 8.44%, ending at N2.17 per share.
On the flip side, Neimeth Pharmaceuticals led the gainers, rising 10% to close at N5.94.
Other notable gainers include:
- Learn Africa: up 9.91% to N5.10
- Mecure: gained 9.91% to N12.20
- Academy Press: rose 9.44% to N5.10
- Smart Products Nigeria: added 9.09%, ending at 60kobo
Trading Activity
Market activity showed a decline in volume and value. Investors traded 625.78 million shares worth N12.78 billion across 21,800 deals, compared to 892.97 million shares valued at N18.23 billion in 25,375 trades the previous day.
Top traded equities included:
- Ja Paul Gold: 88.26 million shares worth N192.04 million
- Unknown stock: 80.04 million shares valued at N555.75 million
- Access Corporation: 56.02 million shares worth N1.25 billion
- Caverton: 53.98 million shares, N271.15 million
- Zenith Bank: 30.55 million shares, N1.76 billion
