Finance
Nigerian Stock Market Loses N70bn in a Day
Nigerian Stock Market Loses N70bn in a Day
The Nigerian Stock Exchange declined by N70bn on Tuesday as stocks of 29 companies closed in the red, while just 10 companies recorded gains.
The market capitalization shrank from N9.517tn to N9.447tn, while the gauge (NSE All-Share Index) plunged from 27,707.12 basis points to 27,503.81 basis points.
The NSE Nigerian stock All-Share Index rose as high as 28,419.92 during trading hours, but retreated to 27,797.31 before finally closing at 27,503.81.
A total of 176.772 million shares valued at N1.885bn were traded in 3,682 transactions.
The banking sector and oil and gas led market declines following negative closes in Union Bank of Nigeria Plc (5 percent), Zenith Bank Plc (2.34 percent loss), Forte Oil Plc (2.82 percent) and Total Nigeria Plc (0.37 percent). Loses in Nigerian market is the point to think about