The Nigerian stock market closed lower on Friday as renewed profit-taking wiped out N264 billion in value, with selloffs across banking, insurance, and financial service stocks dragging performance.
The Nigerian Exchange (NGX) market capitalisation dropped by 0.29 per cent, from N90.008 trillion to N89.744 trillion. Similarly, the All-Share Index (ASI) shed 417.72 points or 0.29 per cent, closing at 141,845.35 compared with 142,263.07 recorded in the previous session.
Market breadth was negative with 43 decliners against 11 gainers. Livingtrust Mortgage Bank led the losers’ chart with a 10 per cent drop to N4.77 per share, followed by Veritas Kapital Assurance, which fell 9.91 per cent to N2. Secure Electronic Technology declined 8.54 per cent to 75k, while NGX Group slipped 8.32 per cent to N55.10. United Capital also shed 7.56 per cent, closing at N18.95.
On the flip side, Deap Capital Management topped the gainers’ table with a 9.94 per cent rise to N1.88 per share. Sovereign Trust Insurance advanced 7.67 per cent to N3.09, Nigerian Breweries gained 6.37 per cent to N75.95, Guinness Nigeria rose 4.49 per cent to N183.90, while Legend Internet appreciated 3.89 per cent to N5.61.
Despite the downturn, market activity improved, with total turnover rising across volume, value, and deals. Investors traded 435.2 million shares worth N15.13 billion in 24,309 deals, compared to 325.1 million shares valued at N8.4 billion exchanged in 22,779 deals on Thursday.
United Bank for Africa (UBA) led both the volume and value charts, trading 82.05 million shares valued at N3.55 billion. Access Corporation followed with 29.4 million shares worth N765.2 million, while Zenith Bank recorded 27.9 million shares valued at N1.8 billion. CHAMS transacted 19.5 million shares worth N63.7 million, and FirstHoldCo moved 18.02 million shares valued at N575.6 million.
