Stock market decline, investors lose N708bn


The stock market extended its loss on Thursday as it shed N87bn, bringing the total losses to N708bn in seven days.

The market lost N110bn on Monday, N68bn on Tuesday and N77bn on Wednesday.

On Thursday, the market capitalisation of equities listed on the floor of the Nigerian Stock Exchange dropped from N13.667tn on Wednesday to N13.580tn as the All Share Index declined by 0.64 per cent to settle at 27,864.49 basis points.

Major sell-offs were witnessed in Seplat Petroleum Development Company Plc, MTN Nigeria Communications Plc and Ecobank Transnational Incorporated as the year-to-date loss worsened to –11.3 per cent.

Activity level was weaker as 175.4 million units of shares worth N2.7bn exchanged hands in 2,653 deals, representing a decline of 28 per cent and 30.2 per cent, respectively in volume and value traded.

The most traded stocks by volume were FBN Holdings Plc (33.3 million units), Zenith Bank Plc (21.2 million units) and Sterling Bank Plc (16.7 million units) while by the top traded stocks by value were Nigerian Breweries Plc (N461.3m), Zenith Bank (N395.1m) and MTN Nigeria (N334.0m).

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