Stock market sheds N188bn in five hours

The market, which had recorded improvement last week following the Central Bank of Nigeria’s directive, which restricted individuals from participating in OMO auctions, returned to its losing trend as the market capitalisation of equities again dropped below the N13tn mark.

A total of 307.961 million shares valued at N2.539bn exchanged hands in 4,609 deals, representing a 52.6 per cent and 120 per cent decline in volume and value traded, respectively. Performance across sectors was majorly positive as only the banking and oil and gas indices recorded losses. On the flip side, the consumer goods index gained 0.42 per cent while the industrial and insurance indices appreciated by 0.03 per cent and 0.01 per cent, respectively.

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