AGS NEWS – The Nigerian stock market experienced a downturn last week, with a loss of N1.45 trillion in market capitalisation.

The All-Share Index dropped by 2.94%, closing at 102,353.68 points, while the market capitalisation fell by 2.26% to N62.85 trillion.

A total of 2.252 billion shares, valued at N58.83 billion, were traded across 63,657 deals, down from the previous week’s 4.698 billion shares worth N85.04 billion in 72,562 deals.

The Financial Services Industry led trading, with 1.371 billion shares worth N22.27 billion, representing 60.86% of the total volume and 37.86% of the total value.

The Consumer Goods Industry followed with 253.54 million shares valued at N15.24 billion.

The most traded stocks included Universal Insurance Plc, Guaranty Trust Holding Company Plc, and AIICO Insurance Plc, which together made up 468.32 million shares worth N9.01 billion.

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Despite the overall market losses, certain indices recorded slight gains, including the MERI Value, Consumer Goods, Growth, and Sovereign Bond indices.

In terms of price movements, 33 stocks appreciated, down from 51 the previous week. Meanwhile, 57 stocks saw declines, compared to 39 the week before, and 62 stocks remained unchanged.

Top gainers included Neimeth International Pharmaceuticals Plc (31.42%), S.C.O.A Nigeria Plc (20.39%), and Nigerian Flour Mills Plc (19.54%).

On the losing side, Universal Insurance Plc led the decliners with a 19.23% drop, followed by Royal Exchange Plc and Regency Assurance Plc.

The market is expected to continue responding to global economic trends, with positive developments in global GDP growth and US inflation contributing to market sentiment.