The Nigerian Equity Market experienced a sharp decline, losing N93 billion and settling at N55.40 trillion. The All-Share Index fell 0.17% to 97,582.41 points.
Trading surged 54%, with 324.02 million shares exchanged in 9,738 transactions totaling N6.217 billion. Despite high activity, 23 stocks gained while 25 fell, with Chams Plc dropping 10% and University Press Plc and The Initiate Plc following with declines of nearly 10% and 8%, respectively.
The trading day recorded a significant 54% increase in volume, with 324.02 million shares changing hands in 9,738 transactions totaling N6.217 billion. Despite this high trading activity, the market breadth was negative, with 23 gainers and 25 losers.
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Top gainers included International Breweries, Presco Plc, and Sovereign Trust Insurance, each gaining 10%. In contrast, Chams Plc led the losers with a 10% drop, followed by University Press Plc and The Initiate Plc, which saw declines of 9.92% and 8.26%, respectively.
The downturn aligns with a broader global trend driven by concerns over a potential U.S. recession. Weak U.S. employment data and geopolitical uncertainties contributed to the market volatility. This global slump has exacerbated challenges for SMEs, already grappling with a volatile economic environment.
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