The Nigerian Stock Exchange concluded Friday’s trading session on a downward trajectory, marking a significant weekly loss for investors who saw N491 billion wiped from market value.

Market capitalization contracted by 0.64 percent, falling from Thursday’s N76.453 trillion to N75.962 trillion at the close of trading. The benchmark All-Share Index mirrored this decline, dropping 776.92 points (0.64 percent) to settle at 119,995.76, down from the previous session’s 120,772.68.

The market’s bearish sentiment was primarily attributed to widespread selling pressure across multiple equities, with Legend Internet, BUA Cement, FTN Cocoa Processor, and Oando among the 32 stocks that experienced declines during the session.

Notable Decliners

Legend Internet topped the losers’ list with a steep 9.98 percent decline, closing at N8.03 per share. BUA Cement followed closely with a 9.92 percent drop to N95.40, while FTN Cocoa Processor fell 9.76 percent to N3.33. Oil marketing company Oando shed 8.72 percent of its value, ending at N56.50 per share, and McNichols rounded out the top five decliners with an 8.44 percent loss to N2.17.

Market Bright Spots

Despite the overall negative sentiment, 28 stocks managed to post gains. Neimeth Pharmaceuticals led the winners with a 10 percent surge to N5.94 per share. Learn Africa and Mecure both recorded identical 9.91 percent increases, closing at N5.10 and N12.20 respectively. Academy gained 9.44 percent to N5.10, while Smart Products Nigeria advanced 9.09 percent to close at 60 kobo per share.

Trading Activity

Market activity showed reduced intensity compared to the previous session. A total of 625.78 million shares changed hands in 21,800 transactions, generating N12.78 billion in turnover. This represented a significant decrease from the prior trading day’s volume of 892.97 million shares worth N18.23 billion across 25,375 deals.

Ja Paul Gold dominated trading volume with 88.26 million shares worth N192.04 million, followed by another unnamed stock with 80.04 million shares valued at N555.75 million. Access Corporation moved 56.02 million shares for N1.25 billion, while Caverton and Zenith Bank recorded trading volumes of 53.98 million shares (N271.15 million) and 30.55 million shares (N1.76 billion) respectively.