The Nigerian Exchange Limited (NGX) recorded a N425 billion loss on Friday, extending its losing streak to three consecutive sessions, driven largely by sell-offs in insurance companies and other listed firms.
Key decliners included International Energy Insurance, Lasaco Assurance, Linkage Assurance, NEM Insurance, and Meyer, among 34 others. As a result, the market capitalisation dipped by 0.46%, closing at N91.501 trillion compared to N91.926 trillion on Thursday.
Similarly, the All-Share Index fell by 671.81 points or 0.46%, ending the day at 144,628.20 from 145,300.01.
The market closed the week with a negative breadth — 39 losers against 30 gainers. Lasaco Assurance and International Energy Insurance both shed 10%, closing at N4.05 and N3.33 per share respectively, while Linkage Assurance, NEM Insurance, and Meyer also saw declines.
On the flip side, Mutual Benefits led the gainers’ chart with a 10% rise to N3.85. Ikeja Hotel followed closely with a 9.95% gain to N22.65 per share. Banking stocks also showed signs of recovery, with Wema Bank climbing 9.90% to N22.75.
Trading activity slowed, with 1.37 billion shares worth N13.9 billion exchanged in 32,065 deals — a drop from Thursday’s 2.46 billion shares valued at N22.22 billion in 43,515 deals.
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