Business and Economy

Investors lose N386 billion as stock market All share Index declines by 1.31% on Friday

Investors on the Nigerian stock exchange saw their wealth and investment reduced by N386 billion on Friday as stocks halted their four-day gaining streak to fall by 1.31%, closing at 53,804.46 points. The NGX All-Share Index closed 0.96% lower week-over-week, despite having gained in four out of the five trading sessions this week. Market capitalization lost N280.45 billion week on week to close at N29.31 trillion with the year-to-date (YTD) return decreasing by 4.98%.

The value of transactions traded on the floor of the exchange increased by 4.52% and trade turnover settled higher with 3,077 transactions involving 172.90 million shares worth N3.77 billion. The telecom heavyweight selloff, AIRTELAFRI (-6.02%), was the main factor in the market’s poor performance.

The top market movers were AIRTELAFRI (-6.02% w/w), BUAFOODS (-0.13% w/w), and ZENITHBANK (-0.79% w/w), which offset gains in MTNN (+1.49% w/w), WAPCO (+0.98% w/w), and NB (+1.23% w/w).

With 47.42 million units moved, FBNH (+0.00%) dominated the volume chart, while GEREGU (+2.89%) headed the value chart with transactions totaling 762.07 million. On the laggard’s log, AIRTELAFRI (-6.02%) outperformed fourteen (14) other competitors, while WAPIC (+9.76%) outperformed nine (9).

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