The consistent decline in the Nigerian Stock Exchange continues with a total loss of N1.6tn over six consecutive trading sessions.
The All Share Index saw a decrease of 1.36 per cent, closing at 95,781.68 points, which is lower than the previous close of 97,100.31 points. The market capitalisation dropped by N750bn to N54.40tn on Monday.
This recent downturn has resulted in a year-to-date return of 28.50 per cent, month-to-date of -2.05 per cent, and a week-to-date of -1.36 per cent.
A total of 3,546,022,683 units of shares were traded in 9,291 deals, with a combined value of N7.649bn. This marks a 16 per cent increase in volume, a 2 per cent increase in turnover, and a 21 per cent increase in the number of deals compared to the previous trading day.
Market breadth closed on a positive note, with 31 equities gaining and 18 equities declining.
The major contributor to the ASI decline was a 10 per cent drop in the price of Dangote Cement, closing at N532.
Among the top gainers were Cutix, Skyway Aviation Handling Co., and RT Briscoe, each experiencing a 10 per cent increase, closing at N2.64, N26.40, and N1.87, respectively.
Oando recorded a 9.90 per cent increase to N39.40, while FTN Cocoa Processors and Tantalizer saw rises of 9.57 per cent and 9.09 per cent, respectively.
On the other hand, Secure Electronic Technology dropped by 9.76 per cent to N0.37, and Africa Prudential fell by 9.68 per cent to N8.40.
Leading the trading volume were Guaranty Trust Holding with 59.3 million shares exchanged, followed by Wema Bank with 25.4 million shares, Access Holdings with 24.7 million shares, and United Bank for Africa with 23.4 million shares.
According to NewsNow, the Nigerian equity market sustained its downward trend for a second consecutive week, resulting in a loss of N847.03bn due to sell-offs.
The All-Share Index and market capitalisation saw a 1.51 per cent decline, closing last week at 97,100.31 points and N55.13tn, respectively.