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Nigerian shares shed N69 billion amid selling pressure on heavyweight stocks

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Market breadth was negative, making 26 losers to emerge relative to 19 gainers.

Nigerian stocks were on a further retreat on Tuesday, depreciating 1.66 per cent as profit-taking actions in a raft of blue-chip equities weighed on market performance

Airtel Africa alongside UACN, Presco, Okomu Oil steered the loss, extending a slide that started at the previous trading session on Friday. Also stoking loss, the consumer goods index fell 0.18 to 565.94 basis points on account of losses by PZ, International Breweries, Flour Mills and Nascon.The all-share index went down by 648.99 basis points to 38,507.29 points, while market capitalisation dropped by N69 billion to N20.340 trillion.CWG led gainers, appreciating by 9.73 per cent to close at N1.24. Berger added 6.72 per cent to end trade at N7.15. Red Star Express advanced by 4.19 per cent to N3.23. NEM rose to N1.87, notching up 3.

 

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