The Nigerian Stock Exchange closed Friday’s trading session on a decidedly bearish note, with widespread investor losses totaling N491 billion, marking a turbulent end to the week’s trading activities.
Market capitalization suffered a significant blow, contracting by N491 billion, or 0.64 percent, to close at N75.962 trillion, down from Thursday’s N76.453 trillion. The benchmark All-Share Index mirrored this downward trajectory, shedding 776.92 points, or 0.64 percent, to settle at 119,995.76, retreating from the previous session’s 120,772.68.
The market’s negative sentiment was primarily fueled by substantial selloffs across multiple sectors, with heavyweight stocks bearing the brunt of the investor exodus. Leading the decline was Legend Internet, which plummeted 9.98 percent to close at N8.03 per share, setting the tone for a day dominated by profit-taking activities.
Industrial giant BUA Cement followed closely behind, dropping 9.92 percent to N95.40 per share, while agricultural processor FTN Cocoa Processor declined 9.76 percent to settle at N3.33. Energy sector player Oando also faced significant pressure, losing 8.72 percent to close at N56.50, with McNichols rounding out the major losers by shedding 8.44 percent to finish at N2.17 per share.
Despite the overall bearish sentiment, certain counters managed to buck the trend and provide some relief to investors. Pharmaceutical company Neimeth led the gainers’ chart with a robust 10 percent increase, closing at N5.94 per share. Educational publisher Learn Africa posted impressive gains of 9.91 percent to end at N5.10, while healthcare firm Mecure matched this performance with a 9.91 percent rise to N12.20.
Academy Press and Smart Products Nigeria also delivered strong performances, gaining 9.44 percent and 9.09 percent, respectively, closing at N5.10 and 60 kobo per share.
The market breadth, a key indicator of overall market sentiment, closed decisively negative with 32 stocks declining against 28 advancing issues, reflecting the prevailing risk-off appetite among market participants.
Trading activity showed a notable decline compared to the previous session, with 625.78 million shares valued at N12.78 billion changing hands across 21,800 transactions. This represents a significant drop from Thursday’s more robust activity of 892.97 million shares worth N18.23 billion traded in 25,375 deals.
Ja Paul Gold emerged as the most actively traded stock by volume, with 88.26 million shares worth N192.04 million changing hands. The mining company was followed by another counter that recorded 80.04 million shares valued at N555.75 million in transactions.
Banking heavyweight Access Corporation commanded significant investor attention with 56.02 million shares worth N1.25 billion in trades, while aviation services provider Caverton saw 53.98 million shares valued at N271.15 million change hands. Tier-1 lender Zenith Bank rounded out the most active stocks, trading 30.55 million shares worth N1.76 billion.
Friday’s bearish close highlights the ongoing volatility in Nigeria’s equity market as investors navigate a complex landscape of economic uncertainties, with market participants closely watching for catalysts that could restore confidence and drive renewed buying interest in the coming trading sessions.
WHAT YOU SHOULD KNOW
The Nigerian Stock Exchange suffered a significant setback on Friday, with investors losing N491 billion as the market fell 0.64%. The selloff was broad-based, affecting major stocks like BUA Cement and Legend Internet, while trading volumes dropped substantially compared to the previous day.
