Lagos: The stock market closed with a loss of N165 billion on Friday, due to sustained selloffs in medium and penny stocks.
Specifically, market capitalisation declined by N165 billion or 0.19 per cent, closing at N88.769 trillion from N88.934 trillion on Thursday.
Similarly, the All-Share Index dropped by 261.74 points, or 0.19 per cent, to 140,295.50 from 140,557.24 previously recorded.
The negative performance was driven by sustained selloffs in stocks such as John Holt, Lasaco Assurance, Guinea Insurance, Universal Insurance, Secure Electronic Technology, and 26 other stocks.
Also, the market breadth closed negative with 31 losers and 19 gainers.
John Holt led the losers’ table by 10 per cent, closing at N6.30, while Lasaco Assurance followed, dropping by 9.64 per cent, settling at N3 per share.
Guinea Insurance fell by 7.79 per cent, ending the session at N1.42, and Universal Insurance dipped by 6.25 per cent, finishing at N1.20 per share.
Also, Secure Electronic Technology declined by 5.56 per cent, closing at 85k per share.
Conversely, Learn Africa led the gainers’ table by 9.86 per cent, finishing at N7.80, while Union Dicon Salt increased by 8.04 per cent, settling at N12.10 per share.
Prestige Assurance rose by 6.75 per cent, ending the session at N1.74, and Academy Press soared by 6.11 per cent, closing at N9.55 per share.
Similarly, Omatek Ventures grew by 6.06 per cent, finishing at N1.40 per share.
Analysis of market activity revealed a decline in the number of market deals, accompanied by a decrease in both volume and value.
A total of 435.14 million shares, valued at N10.4 billion, were traded across 25,609 transactions.
This compares to 885.02 million shares worth N28.3 billion that were exchanged in 26,163 transactions earlier on Thursday.
Meanwhile, VFD Group led the market chart with 49.3 million shares valued at N542.2 million.
Secure Electronic Technology followed with 33.2 million shares worth N28.8 million, while Access Corporation transacted 26.9 million shares valued at N716.9 million.
Guaranty Trust Holding Company traded 21.33 million shares worth N1.9 billion, and FirstHoldCo sold 19.93 million shares valued at N646.7 million.