Bears Regain Control On Stock Market As Investors Lose N109bn

The Nigerian stock market closed slightly lower on Friday, as the NGX All-Share Index declined by 0.07 per cent to 247,539.73 points.

This reducing its year-to-date return to 59.07 per cent and trimming market capitalisation by N109 billion to N160.73 trillion.

Despite the decline, investor sentiment remained relatively positive, with 26 advancers outnumbering 21 decliners. Thomas Wyatt Nigeria recorded the highest price gain of 10 per cent to close at N2.42, per share. eTranzact International followed with a gain of 9.84 per cent to close at N17.30, while Austin Laz and Company up by 9.77 per cent to close at N2.92, per share.

Omatek Venture rose by 9.59 per cent to close at N1.60, while Legend Internet went up by 9.23 per cent to close at N3.55, per share.

On the other hand, Trans-Nationwide Express led the losers’ chart by 9.09 per cent to close at N2.70, per share. Critical Minerals Financing Corporation (CMFC) followed with a decline of 8.06 per cent to close at N3.31, while Royal Exchange depreciated 6.48 per cent to close at N1.01, per share.

NPF Microfinance Bank shed 5.43 per cent to close at N4.35, while Zichis Agro Allied Industries lost 4.63 per cent to close at N17.10, per share.

Trading activity was also mixed, as volume and turnover fell by 10.12 per cent and 14.64 per cent to 257.73 million shares and N13.07 billion, respectively, while deal counts increased by 5.90 per cent to 32,032 transactions.

Looking ahead, Cowry Assets Management Limited said the market could regain its upward momentum if investor sentiment continues to improve, although persistent profit-taking may constrain further gains.