The Nigerian bourse experienced a downturn last week as losses in FBN Holding Plc, Ecobank Transnational Incorporated, and other financial services stocks led to a drop in market capitalization by N257bn, closing at N34.069tn. The All-Share Index also declined by 470.68 base points or 0.75% to close at 62,569.73.
The financial services industry recorded the highest trading volume, with 3,494 billion shares worth N38.032bn traded in 28,633 deals, contributing significantly to the total equity turnover volume and value. However, overall trading volume dropped by 46.64% compared to the previous week.
Among the top gainers were Daar Communications, John Holt, and Nascon Allied Industries Plc, with share price appreciations ranging from 22.49% to 50%. On the other hand, FBN Holdings, Ecobank, Wema Bank, and other financial services stocks dominated the losers’ table, registering declines of up to 25.55%.
Opinion: The recent fluctuations in the Nigerian bourse, particularly in the financial services sector, reflect the uncertainty and challenges faced by the market. Investors need to closely monitor the developments in the industry, especially regarding the ongoing dispute between Ecobank Nigeria Limited and FBN Holdings. As the market navigates through these challenges, regulatory measures and strategic investments will play crucial roles in restoring confidence and stability.