The Nigerian equities market wrapped up the week ended August 22 in the red, as the All-Share Index dropped 3,624.06 points to close at 141,004.14.
Opening at 144,628.20, the index slipped by 2.51%, dragged down majorly by losses in cement giants DANGOTE CEMENT and BUA CEMENT.
Trading volume fell sharply, with 4.1 billion shares exchanged, down from 8.5 billion shares a week earlier.
Market capitalization also mirrored the downturn, sliding from N91.5 trillion to N89.2 trillion.
The All-Share Index opened the week at 144,628.20, ending Monday slightly in the green.
The mood shifted from Tuesday as the index slipped to 142,613.47, extending its losses through Wednesday and Thursday, when it nearly broke below the 140,000 thresholds.
A mild rebound came on Friday, with the market staging a 671-point recovery, though not enough to offset earlier losses, leaving the index at 141,004.14 for the week.
The NGX Premium Index shed 4.31%, dragged by a 9.88% drop in DANGOTE CEMENT, alongside declines of under 5% in ACCESSCORP, ZENITH BANK, FIRSTHOLDCO, MTN NIGERIA, and LAFARGE AFRICA.
The NGX 30 Index mirrored the All-Share Index, losing 2.69%, while the NGX-Main Board Index dipped 1.51%.
Top gainers
Leading the pack was AUSTIN LAZ & COMPANY PLC, which soared 20.83% week-to-date, marking a standout performance. NCR (NIGERIA) PLC followed closely with a 20.69% gain.
Other major gainers included:
On the flip side, THOMAS WYATT NIG. PLC led the laggards, shedding 18.92% week-to-date. NEM Insurance Plc followed with an 18.15% decline.
The week featured a number of notable corporate disclosures and sector-wide developments:
The All-Share Index appears to be in the early stages of a pullback, which could deepen if bearish sentiment extends into the coming week.
On the other hand, if the rebound seen in Friday’s session gains momentum, the index could stage a recovery and reverse part of its recent losses.
On the other hand, if the rebound seen in Friday’s session gains momentum, the index could stage a recovery and reverse part of its recent losses.