The Nigerian Equity Market saw a significant downturn on Monday, reflecting a broader global market decline. This resulted in a N93bn loss in market capitalisation, now at N55.40tn. The All-Share Index dropped by 0.17% to 97,582.41 points. Despite 9,738 transactions totaling N6.217bn, the market breadth was negative, with 23 equities gaining and 25 declining.

Top gainers included International Breweries, Presco Plc, and Sovereign Trust Insurance, each rising by 10%. However, Chams Plc led the losers with a 10% decline. The trading volume rose by 54% to 324.02m shares, with Zenith Bank recording the highest volume of 37m shares.

This local market downturn is part of a global trend triggered by recession fears in the United States. A weak US July payroll report showed an increase in the unemployment rate to 4.3% and a significant shortfall in nonfarm payrolls. This contributed to a global market sell-off, exacerbated by position capitulation among macro funds, particularly affecting the Japanese yen.

In a turbulent week for the Nigerian market, the All-Share Index and market capitalization fell by 0.46% and 0.19%, respectively, resulting in a N438bn loss.