The stock market closed the week on a bearish note on Friday, as profit-taking shaved N257 billion off investors’ portfolios.
Data from the Nigerian Exchange Ltd. (NGX) showed that market capitalisation was down by 0.16 per cent to N156.623 trillion, from N156.880 trillion at the previous close.
The All-Share Index (ASI) also dipped, shedding 398.18 points or 0.16 per cent to close at 242,619.20, compared with 243,017.38 recorded on Thursday.
The downward performance was driven by selloffs in stocks such as Fortis Global Insurance, Omatek Ventures, John Holt, RT Briscoe and Dangote Sugar alongside 25 other decliners.
Meanwhile, the market’s year-to-date (YTD) return moderated to 55.91 per cent while the market breadth closed positive with 30 losers and 21 gainers.
Fortis Global Insurance led the losers’ chart by 9.31 per cent, finishing at N2 63, Omatek trailed by 9.04 per cent, settling at N1.51 and John Holt dropped by 9 per cent, closing at N9.10 per share.
Similarly, RT Briscoe declined by 7.94 per cent, ending the session at N11.60 while Dangote Sugar dipped by 7.79 per cent, closing at N64.55 per share.
On the gainers’ chart, International Energy Insurance led by 9.92 per cent, settling at N5.32, Trans-Nationwide Express followed by 9.65 per cent, ending the session at N2.84 while Guinea Insurance climbed by 6.67 per cent, finishing at 80k per share.
Also, Regency Alliance Insurance increased by 6.25 per cent, settling at 85k and Ja Paul Gold grew by 5.36 per cent, closing at N2.95 per share.
Market activity weakened during the session, with total volume traded declining by 66.64 per cent to 1.41 billion shares, valued at N45.31 billion, across 39,134 deals.
Fortis Global Insurance recorded the highest volume, with 874.08 million shares traded, accounting for 61.83 per cent of the total volume.
MTN Nigeria recorded the highest value at N31.37 billion, representing 69.24 per cent of the total value traded. (NAN)
