Domestic equities close in bearish run, shed N306bn
The Nigerian Exchange (NGX) experienced a bearish session, with market capitalization dropping by N306 billion. Despite positive market breadth, losses in major stocks like Presco outweighed gains in smaller equities.
Why it matters
This decline reflects ongoing volatility in the Nigerian capital market, impacting investor confidence and year-to-date returns.
Transactions on the floor of the Nigerian Exchange (NGX) on Friday returned to a negative performance, declining by N306 billion.
The market capitalisation of listed equities decreased by 0.19 per cent to N159.587 trillion from N159.893 trillion reported the previous day.
The NGX All Share Index also depreciated by 474.00 basis points to 247357.40 points from 247831.40 points traded on Thursday.
Although the market breadth was positive with 33 gainers and 25 decliners, negative performance in major stocks like Presco and 24 other companies outweighed the gains recorded in the shares of Cornerstone Insurance, Honey Well Flour, and C&I Leasing, bringing the year-to-date return lower to 58.96 per cent.
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