Business and Economy

Nigerian stock market suffers 1.39% loss on Friday

The Nigerian stock market lost 1.39% on Friday as the All-Share Index fell to market forces to close the week at 67,324.59 points. As a result, the ASI’s year-to-date (YTD) return decreased to 31.36%, while the market capitalization fell N38.94 billion w/w to close at N36.85 trillion.

The market collapse was driven solely by bearish sentiments in market heavyweight DANGCEM (-8.49%), GTCO (-0.14%), and WAPCO (-1.38%). The ASI closed 0.11% lower w/w after losing three of five trading sessions this week, extending losses for the second consecutive week. The primary drivers of the week’s loss were MTNN (-0.41% w/w), DANGCEM (-8.49% w/w), and ZENITHBANK (-0.75% w/w), outweighing gains in AIRTELAFRI (+3.20% w/w), BUAFOODS (+6.32% w/w), and STANBIC (+13.21% w/w).

Trade turnover was lower than it was on Thursday with the value of transactions falling by 25.16%. In 6,370 transactions, 1.03 billion shares worth N4.35 billion were exchanged. STERLINGNG (-2.39%) dominated the volume chart with 65.17 million units moved, while OANDO (-9.89%) led the value chart with 719.18 million in transactions. On the laggard’s table, OANDO (-9.89%) led eighteen (18) others, while NEM (+10.00%) led seventeen (17) others.

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