Local stock market reverses previous day’s gain as investors lose N30bn


Trading at the Nigerian Exchange Limited (NGX) on Thursday was bearish to reverse the previous day’s gain, leaving the benchmark index lower by 0.2 per cent.

Sell-offs of FBN Holdings’ and Wapco’s stocks largely contributed to the decline in the NGX’s All Share Index (ASI), after recording respective 1.3 per cent and 2.2 per cent losses in share value.

Precisely, the ASI closed 0.2 per cent lower at 38,911.31 basis points, with the Month-to-Date and Year-to-Date losses increasing to -0.8 per and -3.4 per cent, respectively.

Investors, therefore, lost N30 billion as the market’s worth settled at N20.27 trillion as against opening of N20.30 trillion.

As measured by market breadth,…

Source: Nigerian Tribune