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Economic hardship: Heavy losses as Nigerian stock market loses N337 billion in value

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The Nigerian stock market faced a setback yesterday, losing N337 billion in market capitalization due to a sell-off in major stocks, particularly Oando Plc and 20 others.

The decline was attributed to price drops among key large- and mid-cap stocks, including Oando, United Bank for Africa , NASCON Allied Industries, Transnational Corporation , and Guaranty Trust Holding Company .As measured by market breadth, market sentiment was slightly negative, as 20 stocks gained relative to 21 losers. Eunisell Interlinked emerged the highest price gainer of 9.87 per cent to close at N7.46, per share.

DAAR Communications increased by 8.93 per cent to close at 61 kobo, while FCMB Group added 7.73 per cent to close at N9.75, per share. NASCON Allied Industries declined by 7.83 per cent to close at N30.00, while Lasaco Insurance deprecated by 7.50 per cent to close at N2.22, per share.

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