Nigerian equity market resumes downturn, loses 3.12%

Despite gains by insurance stocks, the Nigerian equity market dipped on Thursday, due to sell-off in big- MTNN, Dangote Cement and 12 other stocks.

The All-Share Index (ASI) decreased by 711.06 absolute points, representing a dip of 3.12 per cent to close at 22,078.58 points, the Market Capitalization shed N370.55 billion, representing a dip of 3.12 per cent to close at N11.51 trillion.

AFRIPRUD appreciated 9.91 per cent to top 12 other gainers, while emerged as the top gainers while Zenith Bank & UCAP both shed 19 per cent emerged as top losers.

The bourse has so far lost 17.75 per cent this year as the coronavirus pandemic adversely impact global economies.

The volume and value of transactions in the Nigerian equity weakened by 21.69 per cent and 55.16 per cent to 525.9m units and ₦4.7bn respectively.

The most active stocks by volume were ZENITH (118.5m units), WAPIC (100.4m units) and GUARANTY (100.7m units) while GUARANTY (₦1.8bn), ZENITH (₦1.4bn) and NESTLE (₦513.0m) led by value.