Nigerian Equities Market Loses N1.4 Trillion in a Week

The Nigerian equities market saw a substantial decline of N1.4 trillion within one week, with the market capitalization dropping from N20.125 trillion to N19.282 trillion. The All-Share Index (ASI) depreciated by 1.11%, closing the week at 192,826.78, down from 194,989.77 the previous week.

The week began on a bullish note, with investors gaining N804 billion, but this trend reversed on Tuesday, leading to a loss of N1.1 trillion. The market continued to decline, with losses of N74 billion on Wednesday and N515 billion on Thursday, culminating in a loss of N475 billion on Friday.

The total turnover for the week was 5.494 billion shares valued at N196.709 billion across 370,233 deals. The financial services industry led in trading volume, contributing 58.99% of the total turnover.

Fortis Global Insurance PLC recorded the largest share price increase of 56.67%, while Daar Communications PLC experienced the largest decline, shedding 20.68% of its share price.