The Nigerian equity market closed this week closed negative to complete a week long losing streak, dipping 0.10 per cent on Friday, caused by losses by medium and large capitalized stocks.
On the day Airtel was supposed to become the second GSM company to list on the Exchange, the All Share Index (ASI) declined by 29.14 absolute points, shedding 0.10 per cent to close at 29,270.95 points.
The market lost a total of N12.85 billion, bringing the Market Capitalization to N12.901 trillion amid loses in Banking and Insurance Sectors.
The bourse had 18 gainers and 16 losers with CHIPLC emerging the top gainer, having added 10 per cent, while LEARNAFRCA emerged as top loser, shedding -9.59 per cent.
Wapic Insurance was investors’ toast, exchanging 78.33 million shares worth N31.33 million.
Investors traded a total of 298.40 million shares valued at N1.83 billion in 3,377 deals.
The downtrend was impacted by losses recorded in large and medium capitalized stocks, amongst which are; WEMABANK (-4.69%), HONYFLOUR (-1.90%), FCMB (-1.86%), GUARANTY (-1.69%), FBNH (-1.59%), ZENITHBANK (-0.77%), DANGFLOUR (-0.29%), and NB (-0.17%).