The Nigerian equities market closed lower for the second consecutive week, shedding N2.29 trillion amid persistent sell pressure in the Banking, Insurance, Oil & Gas, and Industrial Goods sectors.
The benchmark NGX All-Share Index (ASI) fell by 2.51 per cent week-on-week, settling at 141,004.14 points, while market capitalisation dipped to N89.209 trillion, cutting year-to-date return to 37.00 per cent.
Investor sentiment weakened further, reflected in negative market breadth with 43 gainers against 54 decliners. Austin Laz & Company Plc led the gainers’ chart, rising 20.83% to N2.90 per share, followed by NCR Nigeria Plc (+20.69% to N10.50) and Nigerian Enamelware Plc (+19.45% to N39.00).
On the losers’ side, Thomas Wyatt Nigeria Plc fell the most, dropping 18.92% to N3.00 per share. NEM Insurance Plc declined 18.15% to N26.60, while Stanbic IBTC Holdings Plc shed 15.39% to close at N94.00.
Market activity also slowed as investors traded 4.773 billion shares worth N107.426 billion in 152,965 deals, compared with 8.564 billion shares valued at N99.936 billion in 177,870 deals the previous week.
