Investors lost N983 billion on Friday as selloffs in key stocks have continued to pull the Nigerian stock market into negative territory.
Heavy profit-taking in Aradel, International Energy Insurance, Trans-Nationwide Express, E-Tranzact and UPDC weighed on overall market performance.
At the close of trading, the Nigerian Exchange Ltd., NGX, market capitalization dropped from N149.888 trillion to N148.905 trillion, representing a decline of N983 billion or 0.66 per cent.
The All-Share Index also fell by 1,531.81 points, or 0.66 per cent, to settle at 232,049.02 compared with 233,580.83 recorded on Thursday.
Consequently, the year-to-date return moderated to 49.12 per cent.
Market sentiment remained weak, with 38 stocks recording losses against 13 gainers at the close of transactions.
Aradel led the losers’ chart by 10 per cent, ending the session at N1,417.50, International Energy Insurance trailed by 9.95 per cent, settling at N5.79 while Trans-Nationwide Express dipped by 9.89 per cent, closing at N3.28 per share.
Similarly, E-Tranzact declined by 9.79 per cent, finishing at N14.75 and UPDC dropped by 9.72 per cent, settling at N3.25 per share.
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Conversely, Universal Insurance led the gainers’ chart by 6.32 per cent, finishing at N1.01, Mc Nichols followed by 5.52 per cent, closing at N8.60 and Linkage Assurance advanced by 4.67 per cent, finishing at N1.57 per share.
Also, NGX Group fell by 4.35 per cent, ending the session at N120 while Transcorp dropped by 3.62 per cent, closing at N41.50 per share.
Market activity declined on Friday, with total trading volume dropping by 1.26 per cent to 388.69 million shares valued at N18.43 billion, exchanged in 44,631 transactions.
Access Holdings Plc led the volume chart with 33.22 million shares, representing 8.55 per cent of the total volume traded.
Aradel Holdings Plc topped the value chart with transactions worth N4.29 billion, accounting for 23.29 per cent of the day’s total value traded.
NAN
