Nigerian Stock Exchange Sees Investors Lose N475 Billion Amidst Bearish Trend

The Nigerian equities market concluded the trading week on a negative note, as investors saw their investments depreciate by N475 billion.

This downturn represented the fourth consecutive trading session of losses for the week.

The sustained profit-taking activities in heavyweight stocks were identified as the primary catalyst for the market's decline.

The market's capitalisation, which began the week at N124.238 trillion, ended at N123.763 trillion, reflecting a 0.38 per cent reduction, equivalent to the N475 billion loss.

Similarly, the All-Share Index (ASI) decreased by 0.38 per cent, or 741.03 points, to settle at 192,826.78, a fall from the 193,567.81 recorded in the previous session.

The year-to-date (YTD) return on the market thus dropped to 23.91 per cent.

Despite the overall decline, the market breadth closed with a positive sentiment, as 39 stocks advanced while 25 stocks declined.

Sovereign Trust Insurance topped the gainers' chart, appreciating by 9.95 per cent to close at N2.21 per share. RT Briscoe followed with a 9.93 per cent gain, ending the session at N12.51, while NGX Group saw a 9.78 per cent increase, closing at N124 per share.

Other notable gainers included Ellah Lakes and Omatek, both of which gained 9.70 per cent, concluding at N13 and N2.60 per share, respectively.

Conversely, Mecure emerged as the top loser, shedding 9.97 per cent to close at N75.85. Meyer trailed with a 9.90 per cent loss, ending at N18.65, and Daar Communications depreciated by 9.83 per cent, closing at N2.11 per share.

Champion Breweries experienced a 6.49 per cent drop, finishing at N18, while Dangote Cement declined by 6.09 per cent, closing at N779 per share.

Trading activity saw a decrease in volume, with total shares traded down by 5.15 per cent to 823.83 million units. The total value of shares traded amounted to N34.75 billion, exchanged across 63,759 transactions.

Fortis Global Insurance was the most actively traded stock by volume, with 146.62 million shares changing hands, representing 17.80 per cent of the day's total volume.

Aradel recorded the highest trading value, generating N7.14 billion, which accounted for 20.54 per cent of the total value traded during the session.