Nigerian stock market reverses gains as investors lose N599bn

The Nigerian banal marketplace closed connected a bearish enactment on Tuesday, reversing the gains recorded successful the erstwhile trading league arsenic investors mislaid N599 cardinal successful marketplace value.

Market capitalisation declined by 0.38 per cent, dropping by N599 cardinal from N158.614 trillion astatine the opening of trading to N158.015 trillion astatine the close.

The benchmark All-Share Index, ASI besides fell by 927.70 points, oregon 0.38 per cent, to settee astatine 244,802.83 from the erstwhile day’s 245,730.53.

As a effect of the decline, the market’s Year-to-Date, YTD instrumentality slipped to 57.32 per cent.

Market sentiment remained weak, with marketplace breadth closing successful the antagonistic aft 40 stocks recorded losses, portion lone 13 equities posted gains.

On the losers’ chart, Multiverse Mining and LivingTrust Mortgage Bank emerged arsenic the worst-performing stocks, each shedding 10 per cent to adjacent astatine N22.95 and N3.42 per share, respectively.

On the gainers’ table, AVA Capital topped the database aft appreciating by 9.94 per cent to adjacent astatine N9.95 per share. It was followed by Nigeria Real Estate Investment Trust, which precocious by 9.71 per cent to adjacent astatine N113 per share.

Despite the market’s antagonistic performance, trading enactment improved importantly during the session. Total trading measurement accrued by 69.25 per cent to 1.56 cardinal shares valued astatine N28.73 billion, exc...