Nigeria’s stock market extended its losing streak to a sixth straight session on Friday, with investors losing N938.75 billion as profit-taking in banking and industrial stocks weighed on the NGX.
Red week on the trading floor. Nigeria’s stock market closed Friday with investors N938.75 billion poorer, as persistent profit-taking kept the bears in charge, Nairametrics reports.
The NGX All-Share Index slipped 0.62% to 235,941.27 points, with market cap easing from N152.27 trillion to N151.33 trillion — the sixth consecutive session of losses.
Banking and industrial giants led the slide: GTCO, First HoldCo, Zenith Bank, UBA and AccessCorp all took hits, alongside NAHCO and Royal Exchange.
Not everyone lost out, though. DEAP Capital, RT Briscoe and Jaiz Bank rode against the tide as bargain hunters swooped in.
For the week, the market shed N5.64 trillion overall. Still, year-to-date returns remain a healthy 51.62%, Nairametrics notes.
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