Nigeria’s stock market closed the week deep in the red as major blue chips dragged the All-Share Index sharply lower.
Nigeria’s stock market ended the week on a bearish note, losing 3,290.97 points to close at 143,722.62, despite a standout 60.6% surge in NCR Nigeria Plc. The All-Share Index (ASI) fell 2.24%, slipping below 145,000 and extending a four-week losing streak. Trading activity weakened sharply, with 2.6 billion shares worth N106.2 billion exchanged, far lower than the previous week.
Market capitalization dropped from N93.5 trillion to N91.4 trillion. Only 20 stocks gained, while 60 declined. The NGX Premium Index fell almost 5%, driven by big drops in ACCESSCORP, Dangote Cement, UBA, and Zenith Bank.
Insurance stocks were hit hardest, falling 7.05%, followed by industrial goods and banking. NCR Nigeria led gainers, while International Energy Insurance topped the losers.
Outlook remains weak, though a rebound in large caps could help push the ASI back toward 150,000.
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