Blue-chip stocks push Nigerian exchange market to massive N1.365 loss

Significant sell-offs successful blue-chip stocks dragged the Nigerian Exchange Limited (NGX) into a monolithic diminution connected Monday.

Monday’s downturn wiped retired N1.365 trillion successful marketplace worth and ended a 14-day bullish streak.

Market capitalization declined by 0.94 percent to adjacent astatine N143.969 trillion, down from N145.334 trillion recorded successful the erstwhile session.

In the aforesaid vein, the All-Share Index shed 2,120.20 points, oregon 0.94 percent, falling from 225,722.49 to 223,602.29.

Further investigation showed that contempt the downturn, the marketplace maintained a beardown year-to-date instrumentality of 43.69 percent.

However, capitalist sentiment weakened, with marketplace breadth closing antagonistic arsenic 40 stocks recorded losses against 36 gainers.
Losses were driven by large blue-chip stocks, with FirstHoldCo, United Bank, and Trans-Nationwide Investment Company topping the losers’ illustration aft shedding 10 percent each to adjacent astatine N67.50, N49.50, and N7.11 per share, respectively.

Access Corporation besides declined by 9.90 per cent to N28.20, portion Fidelity Bank fell by 9.87 per cent to N20.10 per share.

On the gainers’ side, Abbey Mortgage Bank led with a 9.26 percent summation to adjacent astatine N5.90. Zichis Agro Allied Industries followed with an 8.91 per cent emergence to N16.99, portion Wema Bank gained 8.80 per cent to settee astatine N34 p...