The Nigerian stock market recorded another major decline on Monday as investors lost about two point three five trillion naira following heavy sell-offs in major stocks.
The Nigerian Exchange All-Share Index fell by one point five seven per cent to close at 228 thousand, 401 point 92, while market capitalisation dropped to 146 point 56 trillion naira.
The decline was driven mainly by MTN Nigeria, Unilever Nigeria and Learn Africa, which all recorded the maximum daily loss of ten per cent.
Market data showed that 47 stocks declined, while only 13 recorded gains, reflecting widespread selling across the market.
Among the biggest losers were MTN Nigeria, Unilever Nigeria, Learn Africa, Austin Laz and Abbey Mortgage Bank.
On the gainers’ chart, UPDC led with a nine point two three per cent increase, followed by CNIF, Sovereign Trust Insurance, Cornerstone Insurance and Neimeth International Pharmaceuticals.
Trading activity, however, remained strong, with more than one billion shares valued at 44 point six billion naira exchanged during the session, suggesting increased institutional repositioning despite the market downturn.