Stock market posts losses, capitalisation down by N20bn

Following sell-offs in some bank equities, including Fidelity Bank, Sterling Bank, Access Bank, and First Bank of Nigeria Holdings (FBNH), among others, bearish sentiment returned to the Nigerian stock market on Monday.

In particular, the market capitalization dropped by N20.6 billion or 0.07% from Friday’s finish of N27. 941 trillion to settle at N27.921 trillion.

The All-Share Index (ASI), which closed at 57,791 vs 51,829 the previous day, also saw a fall of 38.22 points or 0.07%. The year-to-date returns thus grew to 21.24%. The market was down overall, with 17 losers to 18 gainers.

In percentage terms, Fidson Pharmaceutical drove the gainers’ chart by 9.82% to close at N12.30 per share. Following Learn Africa, which increased 9.79% to close at N2.47, UPDC increased 9.71% to close at N1.13 per share.

Regent Alliance Insurance increased by 7.69% to close at 28k per share, while Prestige Insurance increased by 8.33% to close at 39k. Conoil, on the other hand, finished at N25.95 per share to lead the losers’ table in percentage terms by 9.9%.

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