Nigerian equity market drops to over 2 years low

The Nigerian Stock Exchange continued its losing streak, shedding 0.79 per cent on Wednesday, reaching its lowest index since May 5, 2017.

All Share Index (ASI) declined 0.79 per cent to close at 26,598.94 against the previous close of 26,809.92, driven by losses recorded by blue chip companies.

Also, the Market Capitalization lost 0.79 per cent to close at ₦12.948 trillion against previous close of ₦13.051 trillion.

The equity market has so far posted a loss of -15.37 this year, while it lost -17.81 per cent in the whole of 2018.

The total volume of stocks invested trade on Wednesday was 217.86 per cent higher from 185.945 million on Tuesday to 591.042 million, while the total value of stock traded increased by 191.55 per cent from ₦2.537 billion to ₦7.398 billion in 2,907 deals.

LEARNAFRCA added 9.8 per cent to top 11 other gainers, while PZ shed 10 per cent emerged as top loser among 14 others.