The Nigerian stock market, as tracked by the All-Share Index, closed the week ended 29th August in negative territory, shedding 708.64 points to settle at 140,295.50.
This represents a 0.50% decline from the 141,004.14 points recorded at the start of the week, extending the market’s losing streak to a third consecutive week.
Trading activity also slowed, as market volume dipped to 3.2 billion shares compared to 4.1 billion shares in the previous week.
Market capitalization followed the downtrend, slipping by 0.49% to close at N88.76 trillion, from N89.2 trillion a week earlier.
The week began on a bright note with the index advancing 0.31% on Monday and sustaining the momentum on Tuesday.
However, bearish sentiment resurfaced by midweek, dragging the market lower from Wednesday through Friday and ultimately erasing the early gains to leave the index with a net weekly decline of 708 points.
Key highlights
Leading the pack was MCNICHOLS PLC, which soared 18.75% week-to-date, marking a standout performance. NEM INSURANCE PLC followed closely with a 17.29% gain.
Other major gainers included:
On the flip side, SECURE ELECTRONIC TECHNOLOGY PLC led the laggards, shedding 22.73% week-to-date. GUINEA INSURANCE PLC followed with a 19.77% drop.
Other notable decliners were:
The week was marked by several key corporate disclosures and sector-wide developments:
Market outlook
After a strong rally in July, the All-Share Index appears to be in a pullback phase in August. The retreat could intensify if bearish sentiment continues into the next trading week.
A further dip in investor confidence, especially among large-cap stocks, may prompt a sharper decline in the index.