Nigeria Business & Finance Updates

Equities extend losses as NSE index dips 0.17%

Sell-offs in the shares of MTNN, Stanbic and Guinness dragged the Nigerian Stock Exchange (NSE) All-Share Index (ASI) down 0.17 per cent to 26,944.32 points at the close of proceedings on Tuesday.

Consequently, market capitalisation shed N22.3 billion to settle at N13.004 trillion while YTD loss worsened to -14.3 per cent. Activity level was however mixed as volume traded declined 23.3 per cent to 189.0 million units while value traded advanced by 18.3 per cent to N2.9 billion, exchanged in 3,314 deals.

The Banking stocks – FCMB (97.8 million units), Zenith Bank (21.8 million units) and FBN Holdings (15.2 million units) – led the top trades by volume while Nigerian Breweries (N614.9 million), Zenith Bank (N406.8 million) and Dangote Cement (N352.6 million) were the top traded stocks by value.

Performance across sectors was bearish as 3 of 6 indices closed in the red. The Banking and Consumer Goods indices appreciated, up 0.4 and 0.1 per cent respectively, due to gains in Zenith Bank (+1.1 per cent) and Unilever (+4.2 per cent).

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