Nigeria equity market sustain decline with index down 0.38%
The Nigerian equities market sustained its downward trend on Wednesday as the market main index fell 0.38 percent to close at 24,655.05 points as top capitalized firms dragged down share prices.
The decline in stock prices came amidst projections by the International Monetary Fund (IMF) that the country economy would shrink this year by –5.4 percent compared with the previous projection of 3.2 percent earlier in the year. IMF said Nigeria’s economy will also fall by 2.6 percent in 2021 due to the impact of Coronavirus pandemic.
Indigenous oil firm Seplaat led the market falls with 9.98 percent decline in its share prices and followed by International Breweries, which declined by 9.89 percent and Guinness Nigeria with share price drop of 9.09 percent at the end of trading.
Market capitalisation also declined to N12.86 trillion at the end of trading from the previous figure of N12.91 trillion, according to market data on Wednesday.