Capital market analysts said investors tried to re-jig their portfolios to take positions in the primary market auction.
Consequently, the All-Share Index plunged by 1,269.85 points or 3.04 per cent week-on-week to 40,439.85 points, the biggest weekly fall in eight years. Also, market capitalisation fell N663 billion to close at N21.156 trillion. Market breadth for the week was negative as 16 equities appreciated in price, 55 equities depreciated in price, while 91 equities remained unchanged. Mutual Benefits Assurance led the gainers table by 10.53 per cent to close at 42 kobo, per share. Morison Industries followed with a gain of 10 per cent to close at 55 kobo, while McNichols went up by 9.59 per cent to close to 80 kobo, per share.
Overall, a total turnover of 2.683 billion shares worth N23.662 billion in 27,844 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 2.767 billion shares valued at N29.685 billion that exchanged hands previous week in 31,380 deals.