Investors in the Nigerian Exchange Limited suffered losses amounting to N167 billion on Friday, in contrast, the United States stock market recorded historic gains.
After the close of business at the NGX on Friday, market capitalisation declined by 0.25 percent.
The bearish trend at NGX is caused by a wave of sell-offs and dampened investor confidence, leaving market watchers on edge.
From an opening value of N66.518 trillion on Thursday, the NGX capitalisation slumped to N66.351 trillion, marking a sharp decline.
Similarly, the All-Share Index (ASI) tumbled by 265.81 points to settle at 105,955.13, down from the previous close of 106,220.94.
Market sentiment remained negative, with 24 stocks posting losses against 22 gainers. On the losers table were Tantalizer, which nosedived by 9.85 percent to close at N2.93, and Jaiz Bank, which plunged 9.72 percent to settle at N3.25 per share.
Neimeth International Pharmaceutical suffered a 9.45 percent drop to close at N2.49, while industry heavyweight Dangote Sugar fell by 7.76 percent to N35.05 per share. Lasaco Assurance also dipped 5.96 percent, closing at N2.68 per share.
On the flipside, Royal Exchange led the gainers, surging by 10 percent to close at 88k. Linkage Assurance soared 9.57 percent to N1.26 per share, while Guinea Insurance rose 9.52 percent to close at 69k. Nigerian Enamelware climbed 9.05 percent to N25.30, and Red Star Express advanced 8.41 percent to settle at N5.80 per share.
US stocks surge, adding over $1.3tn
The US stock market on Friday recorded historic gains for the first time since November last year.
US stocks opened higher and gained steam later Friday morning. By the close, the Dow Jones Industrial Average had risen 675 points, about 1.7 percent. The S&P 500 added 2.1 percent, and the Nasdaq Composite led the way with a 2.6 percent gain, the best day for both since the day after the November U.S. presidential election.
Earlier on Thursday, new tariff threats and mixed inflation news pushed the S&P into its first correction since late 2023. Despite Friday’s gains, the Dow, S&P, and Nasdaq ended the week down more than 2 percent.
On Thursday, Senate Minority Leader Chuck Schumer agreed he would vote to advance a Republican measure to fund the government through the rest of the year.
Gold prices topped $3,000 a troy ounce late Thursday for the first time and ended Friday at a fresh record just below the milestone.
Similarly, oil prices ended higher to avoid an eighth consecutive weekly decline.