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Investors in the Nigerian Exchange Limited (NGX) suffered losses amounting to N167 billion on Friday.
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The bearish trend at NGX was caused by a wave of sell-offs and dampened investor confidence, with 24 stocks posting losses against 22 gainers.
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In contrast, the US stock market recorded historic gains, with the Dow Jones Industrial Average rising 675 points.
Investors in the Nigerian Exchange Limited (NGX) suffered losses amounting to N167 billion on Friday, as the market capitalisation declined by 0.25 percent.
The bearish trend at NGX was caused by a wave of sell-offs and dampened investor confidence, leaving market watchers on edge.
After the close of business at the NGX on Friday, the market capitalisation slumped to N66.351 trillion, marking a sharp decline from the opening value of N66.518 trillion on Thursday.
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Similarly, the All-Share Index (ASI) tumbled by 265.81 points to settle at 105,955.13, down from the previous close of 106,220.94.
Market sentiment remained negative, with 24 stocks posting losses against 22 gainers. On the losers table were Tantalizer, which nosedived by 9.85 percent to close at N2.93, and Jaiz Bank, which plunged 9.72 percent to settle at N3.25 per share.
Neimeth International Pharmaceutical suffered a 9.45 percent drop to close at N2.49, while industry heavyweight Dangote Sugar fell by 7.76 percent to N35.05 per share.
On the flipside, Royal Exchange led the gainers, surging by 10 percent to close at 88k.
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Linkage Assurance soared 9.57 percent to N1.26 per share, while Guinea Insurance rose 9.52 percent to close at 69k. Nigerian Enamelware climbed 9.05 percent to N25.30, and Red Star Express advanced 8.41 percent to settle at N5.80 per share.
In contrast, the US stock market recorded historic gains on Friday, with the Dow Jones Industrial Average rising 675 points, about 1.7 percent.
The S&P 500 added 2.1 percent, and the Nasdaq Composite led the way with a 2.6 percent gain, the best day for both since the day after the November U.S. presidential election.
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