The Nigerian stock market ended the week on a downward trend, with key performance indicators experiencing a decline of 0.46%. This marked a significant shift after a five-day streak of steady gains. The Nigerian Exchange Ltd. (NGX) market capitalization dropped by N313 billion, reaching N68.339 trillion, down from N68.652 trillion the previous day. Similarly, the All-Share Index fell by 498.56 points, or 0.46%, to close at 108,733.40, a decrease from the 109,231.96 points recorded earlier.
The decline was primarily attributed to sell-offs in major stocks, which had a significant impact on the market. However, despite this downturn, the market breadth remained positive, with 34 companies experiencing gains compared to 33 that saw losses. ABC Transport and Sterling Nigeria were among the top gainers, with increases of 10% to close at N2.86 and N6.05 per share, respectively. Chellaram, Academy, and Red Star Express also saw notable gains, with increases of 9.94%, 9.92%, and 9.90%, respectively.
On the other hand, Transcorp Power Plc experienced a significant decline, falling by 9.98% to close at N328.50. Haldane McCall and Meyer Plc also saw substantial decreases, with drops of 9.57% and 9.09%, respectively. Regalins and Sunu Assurance also experienced losses, with declines of 6.78% and 6.73%.
In terms of trading activity, a total of 459.21 million shares worth N11.164 billion were exchanged across 15,723 transactions. This represents a decrease from the previous day’s figure of 554.069 million shares worth N14.35 billion, which were traded across 16,704 deals. Tantalizer topped the activity chart, with 101.38 million shares worth N237.33 million. Guaranty Trust Holding Company and Access Corporation followed, with 51.28 million shares valued at N3.54 billion and 45.17 million shares worth N975.27 million, respectively. Zenith Bank and Sterling Nigeria also saw significant trading activity, with 21.79 million shares valued at N1.06 billion and 15.50 million shares worth N91.76 million, respectively.
The decline in the stock market is a notable shift after a period of steady gains, and it will be important to monitor the market’s performance in the coming days to see if this trend continues. Despite the downturn, the positive market breadth and gains in certain stocks suggest that there are still opportunities for growth and investment in the Nigerian stock market. As the market continues to evolve, it is essential for investors to stay informed and adapt to the changing landscape to make informed decisions.
