Stock market indices decline 0.3%, investors lose N202bn
After a three-day bullish run, the Nigerian stock market closed the week on a weaker note on Friday, with key performance indices retreating by 0.3 per cent.
The market capitalisation of the Nigerian Exchange Ltd. (NGX) fell by N202 billion, declining to N66.465 trillion from N66.667 trillion recorded on Thursday.
Similarly, the All-Share Index slipped by 321.65 points, or 0.3 per cent, finishing at 105,752.61 compared with 106,074.26 posted previously.
The downturn was driven largely by price declines in heavyweight stocks such as Dangote Cement and Transcorp, among others.
Despite the negative close, the overall market breadth remained positive, with 41 stocks advancing against 15 that lost ground.
Ikeja Hotel led the pack of gainers with a 10 per cent increase, closing at N12.10 per share.
International Breweries also posted a 10 per cent rise to finish at N7.70 per share.
Legend Internet Plc matched the 10 per cent climb, ending the session at N6.82 per share.
Vitafoam Nigeria followed closely, gaining 9.93 per cent to close at N44.85 per share, while Cadbury Nigeria added 9.92 per cent to settle at N26.60 per share.
On the losers’ table, Dangote Cement fell sharply by 10 per cent, closing at N432.00 per share.
Regency Alliance Insurance shed 8.06 per cent to end at 57k per share, while VFD Group dipped by 7.57 per cent to close at N17.10 per share.
CHAMS lost 7.27 per cent, closing at N2.04 per share, and Sovereign Trust Insurance weakened by 6.12 per cent to finish at 92k per share.
Trading activity saw investors exchange 428.08 million shares worth N20.174 billion across 14,284 transactions.
This marked an improvement from the previous session, when 328.26 million shares valued at N10.370 billion were traded across 12,142 deals.
Guaranty Trust Holding Company topped the activity chart, with 60.735 million shares exchanged for a total value of N3.807 billion.
Fidelity Bank followed with 41.407 million shares worth N829 million, while Access Corporation recorded 40.556 million shares traded, valued at N968.26 million.
Meanwhile, MTN Nigeria posted significant turnover, with 32.96 million shares changing hands for a value of N8.240 billion, and Zenith Bank completed the top five with 22.93 million shares traded, valued at N1.054 billion.
