Nigerian stock market closes week in red, loses N491bn

The Nigerian stock market closed the week on a bearish note Friday, with investors suffering a total loss of N491 billion.

The market capitalisation dropped by 0.64 per cent, declining from N76.453 trillion on Thursday to N75.962 trillion. Similarly, the All-Share Index (ASI) fell by 776.92 points, or 0.64 per cent, closing at 119,995.76 compared to the previous day’s 120,772.68.

The downturn was largely driven by selloffs in major equities including Legend Internet, BUA Cement, FTN Cocoa Processor, Oando, and 28 other stocks.

Market breadth also ended negative, with 32 losers outpacing 28 gainers.

Leading the decliners, Legend Internet dropped 9.98% to close at N8.03 per share. BUA Cement followed, shedding 9.92% to finish at N95.40. FTN Cocoa Processor lost 9.76 per cent, closing at N3.33, while Oando declined by 8.72 per cent to N56.50. McNichols also fell 8.44 per cent to close at N2.17 per share.

On the flip side, Neimeth Pharmaceuticals topped the gainers’ list with a 10 per cent increase, ending at N5.94 per share. Learn Africa rose by 9.91 per cent to close at N5.10.