The All-Share Index (ASI) also mirrored this decline, shedding 776.92 points to settle at 119,995.76 from Thursday’s 120,772.68. Analysts attributed the negative performance largely to sustained selloffs in heavyweight and mid-tier stocks, including Legend Internet, BUA Cement, FTN Cocoa Processor, Oando, and 28 other counters.
Market breadth closed in the red, reflecting investor sentiment. In total, 32 stocks declined in value while 28 recorded gains, underscoring the overall bearish tone.
Among the worst performers, Legend Internet led the losers’ chart with a 9.98 per cent slump to close at ₦8.03 per share. BUA Cement, one of the market’s large-cap stocks, dropped 9.92 per cent to ₦95.40. FTN Cocoa Processor also recorded a steep decline of 9.76 per cent to ₦3.33, while Oando shed 8.72 per cent to close at ₦56.50 per share. McNichols fell 8.44 per cent to end the session at ₦2.17.
Despite the overall downtrend, some stocks managed to buck the trend and posted strong gains. Neimeth Pharmaceuticals topped the gainers’ chart, rising the maximum allowable 10 per cent to close at ₦5.94 per share. Learn Africa advanced by 9.91 per cent to ₦5.10, while Mecure matched that increase to settle at ₦12.20. Academy Press gained 9.44 per cent to close at ₦5.10, and Smart Products Nigeria rose 9.09 per cent to finish at 60 kobo.
Trading activity also saw a slowdown compared to the previous session. Investors exchanged 625.78 million shares worth ₦12.78 billion in 21,800 deals, a decline from Thursday’s 892.97 million shares valued at ₦18.23 billion across 25,375 transactions.
In terms of volume, Ja Paul Gold led the market with 88.26 million shares traded, valued at ₦192.04 million. It was followed by a transaction involving 80.04 million shares worth ₦555.75 million. Access Corporation remained active, trading 56.02 million shares valued at ₦1.25 billion. Caverton Offshore supported the volume with 53.98 million shares worth ₦271.15 million, while Zenith Bank maintained strong investor interest, moving 30.55 million shares valued at ₦1.76 billion.
Market analysts suggest that investor sentiment may remain cautious in the near term amid profit-taking and broader macroeconomic concerns, even as bargain-hunters seek opportunities among oversold stocks.