Home Business Nigerian Equity Market Drops Further as Sell-off Persist

Nigerian Equity Market Drops Further as Sell-off Persist

Stockbrokers at the floor of the Nigerian Stock Market

The Nigerian equity market extended its downturn to four successive trading session on Tuesday as investors continue to sell-off.

The negative sentiment was on the back of by huge profit taking in high volume traded stocks

The All Share Index (ASI) dropped by 43.07 absolute points, indicating a 0.14 per cent decline to close at 31,082.32 points, while Market Capitalization lost N16.06 billion representing a dip of 0.14 per cent to close at N11.59 trillion.

MCNICHOLS added 10 per cent to top 17 other gainers, while Presco declined 9.33 per cent to emerged top loser among 17 others.

All the indices were in the red but for the banking and oil and gas sectors, which appreciated 2.08 per cent and 0.29 per cent respectively.

On Tuesday, investors exchanged 286. 9 million shares worth N3.09 billion in 3,924 deals with Access Bank emerging the most active stock in terms of volume, having sold 84.67 million shares valued at N500.04 million.

GTBank was the most active stock regarding value with investors exchanging 22.06 million of its shares worth N796.96 million.

The local bourse has shed -1.11 per cent this year, having post -15.74 per cent return in 2018.