• Thursday, March 28, 2024
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BusinessDay

Stock market loses N5bn as sell pressure continues

MTNN, other stocks drive market’s negative start to new week

Investors in Nigeria’s equities market lost about N5billion on Tuesday as the market decreased by 0.02percen at the close of trading.

The negative close was driven majorly by Lafarge Africa Plc which decreased by N2.15 or 9.66percent, from N22.25 to N20.10. It was followed by UPDC REIT which dropped from N2.80 to N2.55, losing 25kobo or 8.93percent.

The stock market’s performance indicators – Nigerian Exchange Limited All Share Index (ASI) and equities Market Capitalisation decreased further from 43,818.12 points and N23.866trillion respectively to 43,808.25 points and N23.861trillion. FBN Holdings, Transcorp, Fidelity Bank, Access Corporation and GTCO were top-5 traded stocks on the Bourse.

Read also: Stock market down by 0.34% as week opens

In 3,045 deals, investors exchanged 103,465,472 units valued at N1.186billion. The market’s negative close further caused its record positive return year-to-date (YtD) to print lower at 2.56percent on Tuesday.