Nigeria’s equity market declines 0.40% as investors dump bell-wether stocks
By Samuel Bankole
Nigeria’s equity market sustained its downward slope on Thursday, declined 0.40 percent as investors sell down their positions in bell-wether stocks.
Shares of the Nigerian Breweries, Dangote Sugar Refinery and construction giant Julius Berger were under selling pressure from investors.
The market main index, the All-Share Index (ASI) closed at 39,394.67 points from 39,522.06 points in the previous day, according to data from the Nigerian Stock Exchange (NSE).
The market capitalisation of equities listed on the NSE declined to N20.596 trillion from N20.678 trillion the previous day while total volume traded closed with an exchange of 493.173 million units valued at N4.72 billion traded in 5,486 deals.
The market breadth was negative with 12 gainers as against 47 losers.
The market extended its year-to-date losses 2.3 percent, buck the positive gain the market recorded the previous year.
The NSE 30 Index declined by 0.44 percent to close at 1,571.58 points as against 1,578.50 points the previous day. Market turnover closed with traded volume of 194.38 million units.
Lafarge Africa gained 3.59 percent, FCMB rose 0.67 percent while Julius Berger declined by 7.88 percent and Dangote Sugar down 6.25 percent.