Bearish trading wipes N1.34tn off Nigeria’s equity market
Nigeria’s equity market recorded a downward trend as market capitalisation dropped by N1.34tn, with the All-Share Index falling by 2,054.25 points. Read More: https://punchng.com/bearish-trading-wipes-n1-34tn-off-nigerias-equity-market/
On Thursday, Nigeria's equity market experienced a significant downturn, with the market capitalisation plummeting by N1.34tn to reach N161.05tn, down from N162.39tn on Wednesday. This decline was reflected in the All-Share Index, which fell by 2,054.25 points to close at 248,042.50, marking a drop from Wednesday's figure of 250,096.75.
Throughout the trading week, the index had peaked at 250,808.27 on Friday, October 2, only to slide to its lowest point of 248,042.50 by Thursday's close. The Central Bank of Nigeria's monetary policy rate remained steady at 23.00 per cent during this period.
Across key equity indices, there were widespread losses as selling pressure impacted various market sectors. The NGX Main-Board Index fell from 10,851.32 to 10,763.46, while the NGX 30 Index decreased from 9,203.79 to 9,124.73. The NGX Premium Index also suffered a decline, closing at 31,242.54 compared to 31,511.96 the previous day.
Indices within the financial sector, including the NGX Banking Index at 2,639.74 and the NGX Insurance Index at 1,088.85, also showed declines. The NGX Pension Index experienced a drop to 13,017.42, and the NGX Oil/Gas Index plummeted from 6,237.88 to 5,996.24.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
