Stock market sheds N1tn amid renewed bearish trading
Nigerian stock market sheds N1tn as bearish trading intensifies. MTN Nigeria and 25 other stocks drag overall market capitalization down. Read More: https://punchng.com/stock-market-sheds-n1tn-amid-renewed-bearish-trading/
The Nigerian domestic equities market experienced a bearish trend on Tuesday, losing N1.17tn from its market capitalization. The All-Share Index fell by 1,806.18 points, or 0.73%, settling at 246,723.57. This decline was primarily due to sell-offs in major stocks like MTN Nigeria Communications Plc, UACN, Dangote Sugar Refinery, Nigerian Aviation Handling Company, and First Holdco.
However, market breadth remained positive with 27 stocks gaining compared to 26 that lost value. FTN Cocoa led the gains, surging 9.88% to close at N8.90 per share, followed by C&I Leasing with an 8.26% increase to N5.90. Other notable gainers included Sovereign Trust Insurance (6.74%), Regency Alliance Insurance (6.33%), and Universal Insurance (6.02%).
On the downside, Thomas Wyatt Nigeria was the biggest loser, falling 9.97% to N2.89 per share, followed by AVA Capital (9.60%) and International Energy Insurance (6.32%). The number of shares traded surged by 270.4% to 3.91 billion units, valued at N32.38bn, with FTN Cocoa leading the activity at 3.29 billion shares.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
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