Business and Economy

Nigerian Stock market tumbles further on Monday losing N591.2 billion

The Nigerian stock market tumbled further on Monday with the All-Share Index losing 1.10% to close at 64,337.52. As a result, the ASI’s YTD return fell to 25.53%, while the market capitalization declined by N591.20 billion to settle at N35.01 trillion.

The biggest drivers of the market fall were sustained selloffs in telco heavyweight MTNN (-3.68%) and Tier-1 banks ZENITHBANK (-0.29%) and GTCO (-1.08%). DANGSUGAR (-10.00%) led 36 others on the laggard’s list, while MANSARD (+10.00%) led eleven (11) others on the leader’s list.

Trade turnover was however larger than it was on Friday trading session with the value of transactions increasing by 21.12%. In total, 673.42 million shares worth N6.47 billion were traded in 9,788 transactions. FIDELITYBK (+1.18%) dominated the volume chart with 58.59m units traded, while MTNN (-3.68%) won the value chart with N1.01 billion in transactions.

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