Stock market loses N5bn as sell pressure continues

Last updated: November 15, 2022 4:22 pm

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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.

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.

TAGGED:bdothernews Nigeria's stock market

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ByIheanyi Nwachukwu

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Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).