The Nigerian stock market continued on a downward trend on Friday to close the week’s trading session negative.
On the floor of the Nigerian Exchange Limited, the All-Share Index further declined by 0.01 per cent to close at 38,324.07 points.
Amid sustained bearish activity, the market capitalisation dropped to approximately N19.98tn, while investors lost N1.67bn.
Trading activity saw an equal number of 16 stocks appreciate and depreciate apiece, while the year-to-date returns of the ASI rose to -4.83 per cent.
Speaking on the negative sentiment, analysts at Cowry Asset Management, explained, “We saw investors offload part of their holdings in stocks such as Julius Berger Nigeria, C&I Leasing, Guaranty Trust Bank, BUA Cement and PZ Cussons Nigeria.”
The share prices of their respective stocks moderated by 9.05 per cent, 9.78 per cent, 0.85 per cent, 0.20 per cent and 1.85 per cent.
Sectoral performance was weak as three out of the five indices tracked closed in the red zone.
The banking, oil and gas and industrial indices fell by 0.25 per cent, 0.26 per cent and 0.09 per cent respectively, while the insurance and consumer goods indices rose by 1.19 per cent and 0.04 per cent in that order.
Trading activity however appreciated as total deals, volume and value of stock traded rose.
The total volume of stock, at the close of the week’s trading, rose to 174.3 million units, valued at N1.95bn in 2,581 deals.
