Weekly Market Wrap: Nigerian stock market dips 2.94% as Industrial Goods and Insurance sectors falter 

All-Share shed 3,097.38 points, closing at 102,353.68, marking a 2.94% decline from the previous week’s close of 105,451.06, thereby interrupting a six-week streak of gains.

Market activity also showed a significant decline, as weekly trading volume fell by 38% to 2.2 billion shares, compared to 3.6 billion shares in the prior week.

Furthermore, market capitalization retreated to N62.8 trillion, down from N64.3 trillion the previous week.

In terms of market breadth, thirty-three (33) equities recorded price increases, a decrease from fifty-one (51) equities the prior week.

Conversely, fifty-seven (57) equities saw price declines, which is an increase from thirty-nine (39) in the previous week.

The Nigerian stock market faced a notable decline over the past week, with market capitalization falling sharply from N64.3 trillion to N62.8 trillion.

The All-Share Index began the week on a downward trend, with losses intensifying on Tuesday and Wednesday, culminating in a decline to the 102,000 zone.

However, despite small gains on Thursday and Friday, the index ultimately ended the week lower.

Leading the pack of gainers, NEIMETH INTERNATIONAL PHARMACEUTICALS PLC surged by 31.42%, followed by SCOA NIG. PLC., which rose by 20.39%. Other notable gainers included:

On the losing side, UNIVERSAL INSURANCE PLC. led the decline, falling by 19.23%, followed by ROYAL EXCHANGE PLC. and REGENCY ASSURANCE PLC, which fell by 18.35% and 17.78%, respectively. Other significant decliners included:

Several corporate announcements made waves this week: