Business and Economy

Nigerian stock market posts biggest single-day loss in April as ASI declines by 1.98% on Tuesday

The Nigerian stock market continued its losing streak as the benchmark Index closed 1.93% weaker on Tuesday. This marks the largest single-day decline since February 19th, with the index closing at 99,808.34. The market’s poor performance was primarily driven by selloffs in telecommunications giant MTNN (-1.32%) and Tier-1 banking stocks GTCO (-3.66%) and FBNH (-5.61%). Consequently, the year-to-date return dropped to 33.48%, and the market capitalization decreased by ₦1.11 trillion, closing at ₦56.45 trillion.

Trade turnover was, however, higher when compared to Monday’s session, with the value of transactions increasing by 16.91%. A total of 403.89 million shares, valued at ₦8.38 billion, were exchanged in 10,170 deals. ACCESSCORP (-8.63%) topped the volume chart with 62.93 million units traded, while GTCO (-3.66%) led the value charts with deals worth ₦1.74 billion. FIDELITYBK (-10.00%) emerged as the top laggard among forty-eight others, while MORISON (+9.96%) led six others on the leader’s log.

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