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 overall market capitalisation plummeting by N1.34tn to N161.05tn, down from N162.39tn the previous day. The All-Share Index saw a sharp decline of 2,054.25 points, closing at 248,042.50, a decrease from Wednesday's closing value of 250,096.75. Throughout the trading week, the index peaked at 250,808.27 on Friday, October 2, before a gradual decline brought it to its lowest point of 248,042.50 by Thursday.
The Central Bank of Nigeria maintained its monetary policy rate at 23.00 per cent during this period.
The major equity indices also reflected the bearish sentiment, with the NGX Main-Board Index falling from 10,851.32 to 10,763.46, and the NGX 30 Index dropping from 9,203.79 to 9,124.73. The NGX Premium Index experienced a similar decline, closing at 31,242.54, down from 31,511.96 the day before. Within the financial sector, the NGX Banking Index and the NGX Insurance Index both reported declines, closing at 2,639.74 and 1,088.85 respectively, while the NGX Pension Index and the NGX Oil/Gas Index suffered sharp declines, falling to 13,017.42 and 5,996.24 respectively.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
