Selling pressure on MTN, banks reverses Nigerian stocks one-day rally

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The all-share index slipped 709.72 points.

Nigerian stocks slipped back into the doldrums on Monday, falling by N371.331 billion or 1.80 per cent in its biggest single-day retreat in one month that wiped out Monday’s weak rebound.

Sale requests dominated activity in the market, supported by a rise in volume by three fifths, as pressure on the shares of MTN Nigeria and the big five banks weighed on total equity value.declaration of a N9.6 billion drop in total dividend for 2020, ruffled investors’ feathers and triggered a decline of N98.617 million in its share value.

The consumer goods index bucked the depreciation trend across the five sectorial as it was the only advancer, climbing up 0.39 per cent to 530.04 per cent.The all-share index slipped 709.72 points to 38,686.85 points and market capitalisation to N20.241 trillion at the end of trade. Year to date, the index is down by 3.93 per cent.Champion Breweries led gainers, growing 9.78 per cent to close at N2.02. Neimeth gained 9.71 per cent to close at N1.92. Cutix rose by 8.84 per cent to N1.97.

 

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