Post Views: 73 There was panic on the Nigerian Stock Exchange (NSE) Wednesday, as selloffs resulted in the benchmark All-Share index lost 1,206.21 bas...
There was panic on the Nigerian Stock Exchange (NSE) Wednesday, as selloffs resulted in the benchmark All-Share index lost 1,206.21 basis points or 3.46%, closing at 32, 292.79 basis points, its 16-month low. This was just as market capitalization lost all of N422bn at N11.789tr, from N12.211tr on Tuesday.
A total of 37 stocks closed red, led by Dangote Cement, which lost all of N13 to close at a new low of N210 per share; Nestle shed N6 at N1,479; while Nigerian Breweries and Stanbic IBTC Holdings dropped N4 apiece, closing at N84 and N41 each, as the market suffered its biggest decline since May 2016.
Wednesday’s loss brings week-to-date decline to 8.16%, 5.63% Month-on-Month; just as the market has lost 25% in six months; and 15.56% year-to-date. In 52 weeks, Nigeria’s market index is 8.94% in the red