Investors Lose N475bn as NGX Extends Losing Streak

Nigeria’s stock market ended the week in the red, with investors recording a N475 billion loss as sustained profit-taking in major counters pushed the local bourse further down. It was the fourth straight bearish session.

At the close of trading, market capitalisation dropped from N124.238 trillion to N123.763 trillion, a 0.38 per cent decline. The All-Share Index also fell by 741.03 points, or 0.38 per cent, to 192,826.78 from 193,567.81 in the previous session.

The year-to-date return eased to 23.91 per cent, reflecting the pressure seen in heavyweight names during the session. Even with the broad index declining, market breadth stayed positive, with 39 gainers against 25 losers.

On the advancers’ chart, Sovereign Trust Insurance rose 9.95 per cent to close at N2.21. RT Briscoe added 9.93 per cent to settle at N12.51, while NGX Group gained 9.78 per cent to finish at N124. Ellah Lakes and Omatek also posted strong gains of 9.70 per cent each, ending at N13 and N2.60 respectively.

On the losing side, Mecure declined by 9.97 per cent to N75.85. Meyer fell 9.90 per cent to N18.65, while Daar Communications shed 9.83 per cent to close at N2.11. Champion Breweries dropped 6.49 per cent to N18, and Dangote Cement slipped 6.09 per cent to N779.

Turnover data showed weaker activity compared with the previous session. Total traded volume fell 5.15 per cent to 823.83 million shares, with a total value of N34.75 billion exchanged in 63,759 deals.

Fortis Global Insurance posted the highest volume, with 146.62 million shares, representing 17.80 per cent of total volume traded. Aradel led by value, recording N7.14 billion and accounting for 20.54 per cent of the day’s traded value.

The session’s outcome underlined mixed sentiment in the market: broad participation remained active, but selling pressure in key stocks outweighed gains and kept benchmark performance negative at week’s end.