April 30, 2024

Nigerian stock market lost N195.8 billion ($540.62 million) on Monday as market capitalisation dipped to N12.0 trillion following a massive sell-offs triggered by the election postponement over the weekend.

The NSE All-Share Index (ASI) shed 1.6% to settle at 32,190.07 points due to losses in bellwether stocks.

Business Insider SSA by Pulse’s analysis of the market shows that bellwether stocks such as Nigerian Breweries, GTBank, Zenith Bank were the major drag on the first day of the trading week.

The Banking and Oil & Gas indices led decliners shedding 3.2% and 2.9% respectively following profit taking in GTBank (-3.8%), Zenith Bank (-3.0%), Total (-7.3%) and Mobile (-7.6%).

The Consumer Goods index trailed, down 1.5% on the back of losses in Nigerian Breweries (-9.6%) and Dangote Sugar (-4.9%) while the Industrial Goods index fell by 1.2% following sell-offs in CCNN (-4.8%) and Dangote Cement (-0.4%). Wapic (-4.7%) and NEM (-2.0%) dragged the Insurance index 1.1% lower.

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