The Nigerian Exchange experienced a significant downturn last week, with the market losing N421bn. The All-Share Index (ASI) dropped by 0.62%, closing at 107,821.39 points, as a sustained bearish sentiment continued to dominate trading. Investor activity slowed down, with a total of 1.85bn shares worth N51.39bn traded, a decrease compared to the previous week’s 2bn shares valued at N49.49bn.
The Financial Services Industry led the market, contributing 1.3bn shares worth N26.91bn across 29,140 deals, accounting for 70.13% of the total equity turnover volume and 52.38% of its value. The services industry followed with 129.44 million shares worth N719.22m, while the consumer goods sector recorded 116.7 million shares valued at N4.19bn. Zenith Bank, FCMB Group, and Access Holdings were the most traded stocks, representing a combined 29.21% of total equity turnover volume.
Market capitalisation dropped to N67.19tn, with most indices ending lower. However, sectors like AseM, Oil & Gas, Lotus II, Sovereign Bond, and Commodity saw marginal gains. These sectors recorded small increases, ranging from 0.04% to 0.81%, in contrast to the overall decline. The number of gainers also reduced, with only 27 stocks posting gains, down from 28 in the previous week.
PZ Cussons Nigeria Plc emerged as the top gainer, surging by 31.11% to close at N35.40, followed by Caverton Offshore Support Group and Livestock Feeds, which gained 22.92% and 22.81%, respectively. On the losing side, Sunu Assurances Nigeria Plc saw the largest decline, falling by 19.55% to N5.31, while Eunisell Interlinked Plc and Learn Africa Plc also recorded significant losses. The current downturn follows the market’s previous positive performance, where it gained N1.83tn, indicating the volatile nature of the market.
SOURCE: PUNCH