The Nigerian equity market faced a downturn last week, with a market capitalisation loss of N1.45 trillion.
The All-Share Index dropped by 2.94%, closing at 102,353.68 points, while market capitalisation fell by 2.26%, settling at N62.85 trillion.
Trading volume also declined, with 2.252 billion shares worth N58.83 billion changing hands in 63,657 deals, compared to the 4.698 billion shares valued at N85.04 billion traded in 72,562 deals the previous week.
The Financial Services Industry dominated trading last week, with 1.371 billion shares valued at N22.27 billion, accounting for 60.86% of the total volume and 37.86% of the total value. The Consumer Goods Industry followed with 253.54 million shares worth N15.24 billion, while the Services Industry recorded 193.42 million shares valued at N931.8 million.
The most traded stocks were Universal Insurance Plc, Guaranty Trust Holding Company Plc, and AIICO Insurance Plc, which together accounted for 468.32 million shares worth N9.01 billion. These stocks contributed 20.79% to the total volume and 15.31% to the total value.
Despite the broader market downturn, the MERI Value, Consumer Goods, Growth, and Sovereign Bond indices saw slight gains of 0.70%, 1.33%, 0.15%, and 0.04%, respectively.
Last week, 33 stocks recorded price increases, a decrease from 51 the previous week, while 57 stocks experienced price declines, up from 39 the prior week. The number of stocks that remained unchanged was 62, the same as the week before.
Last week, Neimeth International Pharmaceuticals Plc was the top performer, posting a remarkable 31.42% gain, closing at N3.43, up from N2.61. S.C.O.A Nigeria Plc followed with a 20.39% increase, closing at N2.48 from N2.06. Nigerian Flour Mills Plc saw a 19.54% rise, closing at N54.45, while Livestock Feeds Plc gained 17.62%, closing at N5.94.
Dangote Sugar Refinery Plc also had a notable performance, rising by 16.67% to close at N38.50, up from N33.00.
On the other hand, Universal Insurance Plc led the decliners, with a 19.23% drop in its share price, closing at N0.63, down from N0.78. Other notable losers included Royal Exchange Plc, which fell by 18.35% to close at N0.89, and Regency Assurance Plc, which declined by 17.78%, closing at N0.74. Sovereign Trust Insurance Plc experienced a 16.67% loss, closing at N1.10, while Dangote Cement Plc saw a 16.46% decrease, closing at N400.00, down from N478.80.
