Stock Market Plunges, Loses N491bn in One Week

The Nigerian Stock Market ended the week bearish on Friday, with investors recording a loss of N491 billion.

Market capitalisation declined by N491 billion or 0.64 per cent, closing at N75.962 trillion from N76.453 trillion on Thursday.

Similarly, the All-Share Index dropped by 776.92 points or 0.64 per cent to 119,995.76 from 120,772.68 recorded previously.

The negative performance was driven by selloffs in stocks such as Legend Internet, BUA Cement, FTN Cocoa Processor, Oando, and 28 others.

The market breadth also closed negatively, with 32 stocks declining and 28 advancing.

Legend Internet led the losers, falling 9.98 per cent to close at N8.03 per share.

BUA Cement followed, dropping 9.92 per cent to close at N95.40 per share.

FTN Cocoa Processor declined 9.76 per cent, settling at N3.33, while Oando lost 8.72 per cent to close at N56.50.

McNichols also shed 8.44 per cent, finishing at N2.17 per share.

On the gainers’ chart, Neimeth Pharmaceuticals rose 10 per cent to close at N5.94 per share.

Learn Africa advanced by 9.91 per cent, ending the day at N5.10 per share.

Mecure gained 9.91 per cent to settle at N12.20, while Academy rose 9.44 per cent to N5.10 per share.

Smart Products Nigeria also increased by 9.09 per cent, closing at 60k per share.

A total of 625.78 million shares valued at N12.78 billion were traded in 21,800 transactions.

This contrasts with 892.97 million shares worth N18.23 billion traded in 25,375 transactions previously.

Ja Paul Gold led trading activity with 88.26 million shares worth N192.04 million.

It was followed by 80.04 million shares valued at N555.75 million in transactions.

Access Corporation sold 56.02 million shares worth N1.25 billion in trades.

Caverton recorded 53.98 million shares valued at N271.15 million.

Zenith Bank traded 30.55 million shares worth N1.76 billion.