Nigerian stock market loses 3.52 trillion naira in a week
By the AFREEQUE newsroom, based on Business Day Nigeria
Nigeria’s equity market capitalisation fell by 3.52 trillion naira over the week to 161.6 trillion naira, while the main index declined 2.13%. The retreat was driven notably by profit-taking in large-cap stocks, with Dangote Cement, Aradel Holdings and HBM Nigeria among the biggest decliners, according to Business Day Nigeria.
Nigerian equity investors lost 3.52 trillion naira during the week ended Friday 6 November, with total market capitalisation falling to 161.6 trillion naira, Business Day Nigeria reports. The All-Share Index of the Nigerian Exchange Limited (NGX) fell 2.13% over the week to 248,877.22 points, bringing its year-to-date gain to 59.93%.
The decline was driven notably by HBM Nigeria, Aradel Holdings and Dangote Cement, whose share prices fell by 10%, 9.99% and 5.56%, respectively, over the week. Business Day Nigeria attributed the movement to profit-taking after recent gains, particularly in the industrial goods and financial services sectors.
On Friday, the index fell a further 0.33%, while trading volume decreased by 3.36% to 369.92 million shares and turnover fell 11.88% to 26 billion naira. GTCO led trading with 41 million shares, representing 11.09% of volume, and 5 billion naira, or 18.90% of traded value.
