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Market capitalization drops by ₦2.205 trillion amid profit-taking and CBN rate cut
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All-Share Index falls 0.38% to 192,826.78; YTD return drops to 23.91%
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Market breadth positive with 39 gainers vs 25 losers on Friday
Investors in the Nigerian stock market suffered significant losses, totaling ₦2.205 trillion over four consecutive trading sessions, as the market ended the week on a bearish note.
On Friday alone, investors lost ₦475 billion, following declines of ₦1.141 trillion, ₦74 billion, and ₦515 billion from Tuesday to Thursday.
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The downturn was attributed to profit-taking in major stocks and a 50-basis-point interest rate cut by the Central Bank of Nigeria, bringing the rate to 26.5 percent.
READ ALSO: Investors Gain N22.177trn as Nigerian Stocks Rally in Seven Weeks
The market capitalization fell from ₦124.238 trillion at the opening of Friday trading to ₦123.763 trillion at close, a 0.38 percent decline.
Similarly, the All-Share Index dropped 741.03 points to 192,826.78, lowering the year-to-date return to 23.91 percent.
Despite the losses, market breadth remained positive, with 39 gainers compared to 25 losers. Sovereign Trust Insurance led the gainers, rising 9.95 percent to close at ₦2.21, while Mecure led the losers with a 9.97 percent decline to ₦75.85.
Trading activity weakened, with total volume traded falling 5.15 percent to 823.83 million shares worth ₦34.75 billion across 63,759 transactions.
Fortis Global Insurance recorded the highest volume with 146.62 million shares, while Aradel posted the highest trade value at ₦7.14 billion.
