Nigerian Equity Market Declines for Third Day, Investors Lose N2.18bn

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The Nigerian equity market extended its losing streak for the third consecutive day this week, with investors losing N2.18 billion on Wednesday. The All Share Index and market capitalization slightly declined by 0.004 percent, closing at 99,802.08 and N56.46 trillion, respectively.

The week began with a significant loss of N8.62 billion on Monday, followed by a steep drop of N114 billion on Tuesday, primarily due to dips in Caverton Offshore, Associated Bus Company, Nigeria Breweries, and 38 other stocks.

Despite the downturn, the stock market’s year-to-date return remained at 33.56 percent.

Wednesday’s trading session saw more gainers (26) than losers (22), with Fidelity Bank, Zenith Bank, United Bank for Africa, and Guaranty Trust Bank Holdings leading the gains.

Top losers included Thomas Wyatt Nigeria Plc, Daar Communications, and Nigeria Breweries, while Associated Bus Company, Eterna, and Computer Warehouse Group topped the gainers’ chart.

(PUNCH)

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