The local equities market faced a rough session on Friday as investors continued to cash in on earlier gains, driving the market deeper into bearish territory. This sustained wave of profit-taking wiped N257 billion off the total value of listed stocks, marking another day of downward pressure on the bourse.
By the close of trading, the total market capitalization slipped to N156.623 trillion, down from the N156.880 trillion recorded in the previous session. Following this trend, the All-Share Index dropped by 398.18 basis points, settling at 242,619.20 points compared to the earlier figure of 243,017.38 points. Market sentiment remained largely cautious, with the day ending on a negative note as 30 stocks recorded losses, significantly outweighing the 20 companies that managed to post gains. Consequently, the year-to-date return saw a slight dip, easing to 56.01 per cent.
Despite the broader market slump, some stocks managed to buck the trend. International General Insurance led the list of gainers with a solid 9.92 per cent rise to close at N5.32. Other notable performers included Transnational Corporation of Nigeria, which climbed 9.65 per cent to N2.84, while Guinea Insurance, Regal Insurance, and Japaul Gold also saw positive movement.
On the flip side, selling pressure was heavy for several firms. FTG Insurance led the losers after dropping 9.31 per cent to finish at N2.63. The bearish sentiment also hit Omatek, JohnHolt, RTBriscoe, and Dangote Sugar, all of which posted substantial losses as traders offloaded their positions.
Activity levels also took a noticeable hit compared to the previous day. Total trading volume plummeted by over 2.8 billion shares, reflecting a 66.65 per cent decline as investors moved only 1.413 billion shares compared to the 4.237 billion recorded the day before. The total value of these transactions dropped by 10.48 per cent, ending at N45.31 billion across 39,134 separate deals.
According to data tracked by Zoyols News, FTG Insurance dominated the market’s activity, seeing 874.083 million shares exchanged for N2.370 billion. Other major trades involved Cornerstone Insurance, Universal Insurance, MTN Nigeria, and Sterling Bank, which rounded out the most active stocks for the session.
