Nigerian Stock Market Loses Fresh N64bn

Nigerian Stock

Nigerian Stock Market Loses Fresh N64bn

The Nigerian Stock Exchange (NSE) market on Tuesday lost a fresh N64bn as prices of 20 stocks dropped massively.

Trading on the floor of the stock market returned to negative territory on Tuesday with crucial market indices dropping by 0.46 percent following loses in 20 stocks.

Specifically, the All-Share Index (ASI) decreased by 129.79 points, representing a loss of 0.46 percent to close at 27,820.57 against 27,950.36 posted on Monday.

Also, the market capitalisation, which opened at N13.621 trillion, lost N64 billion to close at N13.558 trillion.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are: Nestle Nigeria, Nigerian Breweries, Dangote Flour Mills, Guaranty Trust Bank and United Bank for Africa (UBA).

Cordros Capital Limited re-emphasised its outlook for equities in the short to medium term remains conservative, in the absence of any catalyst to drive positive market returns.

Market breadth closed negative, with 11 gainers against 20 laggards.

However, the volume of shares traded rose by 66.7 percent to 155.21 million shares, worth N2.23 billion and traded in 3,192 deals.

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