Stock market loses N673bn after 119.24 points drop

Onwubuke Melvin
Onwubuke Melvin

The Nigerian Stock Exchange closed on a bearish note as selloffs overtook buying activities.

The All Share Index dropped by 1,190.24 points to settle at 98,121.30, indicating widespread investor pessimism compared with its previous level of 99,311.54, according to the NGX group.

The market capitalisation also declined by about N673 billion, compared to the previous value of N56.167 trillion to close at around 55.494 trillion.

Meanwhile, However, TIP, SUNUASSUR, and NEIMETH stood out with a significant 10% surge in their share prices, outperforming 22 other advancing stocks.

On the other hand, top losers on the floor include TRANSCOHOT, MTNN, and PRESTIGE shedding 10% each in share price among the 19 retreating stocks.

Top Gainers

NEIMETH [BLS] +10% to close at N1.98

SUNUASSUR [MRF] +10% to close at N1.21

CAP +9.90% to close at N28.85

UPDC: +9.76% to close at N1.35

Top Losers

TRANSCOHOT: -10% to close at N87.93

MTNN: -10% to close at N201.60

PRESTIGE: -10% to close at N0.60

OANDO: -9.90% to close at N9.10

In the banking sector, Zenith Bank, GTCO, and Access Holdings saw their share prices rise by 1.67%, 0.7%, and 0.31%, respectively. However, FBN Holdings and UBA witnessed a downturn in their stock values, shedding 9.82% and 1.3%, respectively.

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