Nigeria stock dropped under Tinubu

According to an article published by People
Gazette The market capitalisation dropped by N162 billion or 0.53 per cent to close at N30.238 trillion as against the N30.4 trillion recorded on Tuesday.
The equity market on the Nigerian Exchange Ltd. (NGX) ended its five-day gaining streak as performance indices shed 0.53 per cent due to sell-offs in medium and large-capitalised stocks.

The market capitalisation dropped by N162 billion or 0.53 per cent, to close at N30.238 trillion as against the N30.4 trillion recorded on Tuesday.
Also, the All-Share Index (ASI) declined by 297.65 points to close at 55,508.61 compared with 55,806.26 posted in the previous session.
The downturn was due to selloffs in, mainly in telco heavyweight, Airtel Africa and others. As a result, the year-to-date return fell to 8.31 per cent.
“Positive sentiments remain in the market, as seen in the number of gainers versus losers. We expect to see profit taking in some selected stocks that have rallied in recent sessions, while market breadth remain in the green; said analysts at Vetiva Securities Ltd.

Also, market breadth closed positive with 24 stocks on the gainer’s table, while 10 on the losers! Veritas Kapital Assurance led the gainers’ chart in percentage terms by 10 per cent to close at 22k, per share. Ardova followed with 9.76 per cent to close at N18.55, while Wema Bank grew by 8.75 per cent to close at N4.35, per share.

The Iniative rose 8.33 per cent to close at 52k, while Geregu Powers appreciated by 8.20 per cent to close at N298.10, per share. On the other hand, John Holt led the losers’ chart in percentage terms by 6.66 per cent to close at N1.59, per share.
Ecobank Transnational Incorporated (ETI) followed with 7.69 per cent to close at N12, while Airtel Africa dropped by 5.25 to close at N1,535, per share.

Source: People Gazette