Investors on the Nigerian Exchange witnessed a sharp decline in market activity as the All-Share Index depreciated 2.51 per cent to close at 141,004.14, while market capitalisation fell to N89.209tn, representing a loss of N2.29tn.

Last week total turnover dropped to 4.773 billion shares worth N107.426bn in 152,965 deals compared with 8.564 billion shares valued at N99.936bn traded in 177,870 deals the previous week.

The Financial Services Industry led the activity chart by volume with 3.734 billion shares valued at N60.627bn traded in 72,977 deals, contributing 78.24 per cent and 56.44 per cent to total equity turnover volume and value, respectively. The Consumer Goods Industry followed with 370.404 million shares worth N14.025bn in 17,997 deals, while the Services Industry recorded a turnover of 176.285 million shares valued at N1.279bn in 8,790 deals.

Trading in the top three equities by volume, namely Universal Insurance Plc, Zenith Bank Plc and FCMB Group Plc, accounted for 1.201 billion shares worth N29.433bn in 10,537 deals, representing 25.16 per cent of total equity turnover volume and 27.40 per cent of turnover value.

A total of 396,920 units valued at N39.032m were traded in 365 deals on the NGX Bond Market compared with 216,055 units worth N27.025m transacted in 352 deals the previous week.

All other indices finished lower except the NGX Consumer Goods and NGX Growth indices, which appreciated by 0.83 per cent and 4.14 per cent, respectively, while the NGX AseM and NGX Commodity indices closed flat.

According to the weekly report, 43 equities appreciated in price during the week, lower than 50 equities in the previous week.

Forty-five equities depreciated in price, higher than 49 in the previous week, while 49 equities remained unchanged, up from 47 recorded last week.

Top price gainers were Austin Laz & Company Plc, which rose N0.50 or 20.83 per cent to close at N2.90, NCR (Nigeria) Plc gained N1.80 or 20.69 per cent to close at N10.50, Nigerian Enamelware Plc rose N6.35 or 19.45 per cent to close at N39.00, Guinea Insurance Plc gained N0.28 or 18.79 per cent to close at N1.77, Mutual Benefits Assurance Plc added N0.55 or 14.29 per cent to close at N4.40, Caverton Offshore Support Group Plc rose N0.80 or 12.31 per cent to close at N7.30, Deap Capital Management & Trust Plc gained N0.19 or 11.80 per cent to close at N1.80, Multiverse Mining and Exploration Plc rose N1.10 or 11.22 per cent to close at N10.90, Daar Communications Plc added N0.12 or 11.01 per cent to close at N1.21 and Champion Breweries Plc gained N1.85 or 10.91 per cent to close at N18.80.

Top price losers included Thomas Wyatt Nig. Plc, which lost N0.70 or 18.92 per cent to close at N3.00, Nem Insurance Plc dropped N5.90 or 18.15 per cent to close at N26.60, Stanbic IBTC Holdings Plc fell N17.10 or 15.39 per cent to close at N94.00, Lasaco Assurance Plc declined N0.59 or 14.57 per cent to close at N3.46, R T Briscoe Plc dropped N0.55 or 13.92 per cent to close at N3.40, Veritas Kapital Assurance Plc lost N0.29 or 12.78 per cent to close at N1.98, Royal Exchange Plc fell N0.32 or 12.45 per cent to close at N2.25, Coronation Insurance Plc declined N0.42 or 11.57 per cent to close at N3.21, Cutix Plc dropped N0.45 or 11.25 per cent to close at N3.55 and The Initiates Plc lost N1.40 or 10.22 per cent to close at N12.30.

Analysts at Afrinvest expect a mixed performance with a bearish tilt in the coming week, as investors continue to reassess portfolio positioning amid the first half of the year interim dividend declarations, sustained pressure on blue-chip stocks, and the absence of strong positive catalysts.