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Nigerian stocks record biggest fall in nearly four months

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Equities fell by 1.81 per cent.

Nigerian stocks shed 1.81 per cent or N364 billion on Tuesday, the deepest dive since March 9, as heavyweight equities including Airtel Africa, Presco and BUA Cement led a retreat that compound the loss of the day before.The industrial index dropped 1.13 per cent to 1,907.24 basis points, worsening loss.

Market breadth, which gauges investor sentiment, closed on a negative note, with 23 losers reported against 18 gainers. The all-share index contracted by 698.23 basis points to 37,847.07, while market capitalisation closed lower at N19.725 trillion.Fidson led gainers, appreciating by 10 per cent to close at N5.06. Vitafoam went up by 9.68per cent to N9.68. Red Star Express rose to N3.67, notching up 9.55 per cent in the process.TOP FIVE LOSERS

Airtel was the worst performing stock, declining by 10 per cent to close at N678. Mutual Benefits shed 7.32 per cent to close at N0.38. Cornerstone fell to N0.51, losing 7.27 per cent.

 

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