The Nigerian Exchange closed the week down 0.19 per cent, erasing N165 billion in market value as selloffs in medium and penny stocks dragged performance lower.
The Nigerian Exchange (NGX) ended the week on a bearish note as renewed sell pressure in medium and penny stocks wiped off N165 billion from investors’ wealth.
At the close of trading on Friday, market capitalisation fell to N88.769 trillion, down 0.19 per cent from N88.934 trillion the previous day. Similarly, the All-Share Index dropped by 261.74 points to 140,295.50 compared with 140,557.24 posted on Thursday.
The negative outing was driven by losses in John Holt, Lasaco Assurance, Guinea Insurance, Universal Insurance, Secure Electronic Technology, and 26 others, with market breadth closing at 31 losers against 19 gainers. John Holt led decliners, shedding 10 per cent to N6.30 per share, while Lasaco fell 9.64 per cent to N3.00.
On the gainers’ chart, Learn Africa rose 9.86 per cent to N7.80 per share. Trading activity weakened sharply, with investors exchanging 435.14 million shares worth N10.4 billion in 25,609 deals, compared with 885.02 million units valued at N28.3 billion on Thursday.