The Nigerian equities market further experienced a significant downturn on Friday, with investors collectively losing N1.2 trillion by the close of trading.
Data from the Nigerian Exchange Group explained that the slump was driven by notable declines in the share prices of several key stocks, including Zichis, FTN Cocoa, and TIP.
The benchmark All-Share Index (ASI) dropped to 250,330.92 points from 252,243.11 points recorded on Thursday, reflecting a bearish sentiment among market participants.
Correspondingly, equity capitalisation fell sharply to N160.4 trillion from the previous day’s N161.6 trillion.
Despite the overall market decline, the market breadth remained positive with 47 stocks advancing, 28 declining, and 73 unchanged across 65,744 deals.
A total of 1.08 billion shares exchanged hands, valued at N44.2 billion.
Among the top gainers were ABC Transport, May & Baker, and Scoa, which posted impressive gains of 10%, 10%, and 9.98%, respectively. ABC Transport shares rose to N6.27 from N5.70, May & Baker climbed to N47.30 from N43.00, and Scoa increased to N33.05 from N30.05 per share.
Conversely, Zichis, FTN Cocoa, and TIP led the decliners with losses of 9.97%, 9.95%, and 9.90%, respectively. Zichis shares fell to N29.43 from N32.69, FTN Cocoa dropped to N8.96 from N9.95, and TIP declined to N32.30 from N35.85 per share.
In terms of trading volume, United Bank for Africa (UBA) led with 61 million shares traded in 1,823 deals. First Holding Company followed closely with 58 million shares in 1,801 deals, while Secure Electronics traded 51 million shares in 479 deals.
On the value index, Aradel dominated with stocks worth N9.4 billion traded in 3,049 deals. NGX Group followed with equities valued at N6.6 billion exchanged in 1,181 deals, and First Holding Company recorded trades worth N4.1 billion in 1,801 deals.
The market’s performance on Friday underscores ongoing volatility and cautious investor sentiment amid economic uncertainties. Market watchers will be closely monitoring developments as the week closes and prepare for potential shifts in the coming sessions.
