Business
Capital Market Suffers Setback
Indicators of the Nigerian capital market recorded their biggest single-day drop in over three weeks as the market closed negative for the second consecutive day.
The Market Capitalisation of listed equities of the Nigerian Stock Exchange sank by N101bn to N8.378tn from N8.479tn at the end of trading activities on Tuesday, compared to the N35bn it shed the previous day.
Similarly, the NSE All Share Index fell sharply by 1.21 per cent or 318.92 basis points to close at 26,290.42 basis points after opening at 26,609.34 points. The fall on Monday was over 200 basis points higher than the 108.96 points or 0.41 per cent the Index had depreciated by on Monday.
Investors on Tuesday traded 258.583 million shares, valued at N2.226bn, in 4,576 deals in contrast to the 215.756 million shares, valued at N1.634bn, which were traded in 3,856 transactions on Monday.
While 27 companies had recorded losses with 19 gainers emerging on Monday, on Tuesday the gainers shrank further with only 12 shares appreciating as 31 fell.
Analysts said that with the market sustaining the negative trend it started on Monday, the indicators were unlikely to match their performance of last week when they rose for four consecutive days.