Stock Market Slides Into Red, Loses N577bn

The Nigerian stock market on Tuesday slid into the red, losing 0.47 per cent of its value, as sell-offs in key stocks weigh down on the market.

The All Share Index (ASI) lost by 899.50 points, representing a loss of 0.47 per cent to close at 189,362.94 points. Also, market capitalisation declined by N577 billion to close at N121.553 trillion.

The overall downturn was impacted by losses recorded in medium and large capitalised stocks, MTN Nigeria Communications (MTNN), Skyway Aviation Handling Company, MeCure Industries, Zenith Bank and Lafarge Africa.

Meanwhile, market sentiment closed positive, with 44 gaining stocks outnumbering 40 losers. ABC Transports recorded the highest price gain of 9.94 per cent to close at N9.07, per share. Zichis Agro Allied Industries followed with a gain of 9.93 per cent to close at N13.06, while Red Star Express grew by 9.87 per cent to close at N29.50, per share.

Meyer up by 9.81 per cent to close at N22.95, while Japaul Gold & Ventures rose by 9.78 per cent to close at N3.03, per share.

On the other hand, Zenith Bank, MeCure Industries and Skyway Aviation Handling Company led the losers’ chart by 10 per cent each to close at N80.55, N93.60 and N117.00 respectively, per share.

R.T. Briscoe followed with a decline of 9.95 per cent to close at N14.12, while Tripple Gee & Company lost 9.77 per cent to close at N6.00, per share.

Also, the total volume traded declined by 60.87 per cent to 349.289 billion units, valued at N9.298 billion, and exchanged in 18,753 deals.