Stock market sheds N400bn, opens new month in red

Nigeria’s stock market opened the month of December in red. The market which decreased by 1.81percent or about N409billion on Wednesday December 1 has reduced this year’s positive return to +5.44percent.

The record dip was fueled by investors who sold stocks like MTNN, Africa Prudential, UPDC and others.

MTNN dipped most on the Bourse, from preceding day’s high of N190 to N171, losing N19 or 10percent.

Read Also: Nigeria’s stock market sees first dip in 5 days

It was followed by Africa Prudential which decreased from preceding day’s N6.50 to N6, shedding 50kobo or 7.69percent while UPDC decreased from N1.07 to 99kobo, losing 8kobo or 7.48percent.

At the close of trading session on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation moved down from preceding day’s highs of 43,248.05 points and N22.566trillion respectively to
42,463.16 points and N22.157trillion.

In 3,891 deals, investors exchanged 335,480,224 shares valued at N3.552billion. FBN Holdings, Universal Insurance, Zenith Bank, GTCO and Transcorp were most traded stocks on Wednesday at the Nigerian Exchange Limited (NGX).

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