Nigeria’s stock market loses N418 billion as shares tumble

The equities market on Monday opened the week on a negative note, shedding N418 billion due to losses in largely capitalised stocks.

The All-Share Index decreased by 766.56 per cent, representing a decline of 1.48 per cent, to close at 51,127.38 points from 51,893.94.

Similarly, the overall market capitalisation value lost N418 billion to close at N27.850 trillion from N28.267 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are MTN Nigeria Communications (MTNN), Transcorp Hotels, Africa Prudential, FBN Holdings (FBNH) and Wema Bank.

This week, United Capital Plc said it expected “mostly bearish sentiments in the market, supported by the illiquidity of the financial system,” noting that the current “bear trend is approaching a turning point, as the Q1, 2023 earnings season draws nearer.”

It added, “We anticipate the broad-based return of investors’ risk-on sentiments, which is to be catalysed by declining…