Nigerian Equities Market Declines by N73 Billion

The Nigerian equities market declined, losing N73 billion as it faced a downturn driven by sustained selling in banking and insurance stocks. The market capitalization decreased by 0.05%, closing at N156.969 trillion, down from N157.042 trillion in the previous session.

The share index fell by 133.47 points, or 0.05%, to close at 24,473.874, compared to 24,485.221 in the previous session. Year-to-date returns weakened to 57.27%.

The market breadth remained flat, with 32 gainers and 32 losers. Notable losers included International Energy Insurance, which dropped 10% to N7.11 per share, and May & Baker, which fell by 8.51% to N43.

Other significant declines were seen in Tripple Gee (down 8.47% to N4), Abbey Mortgage Bank (down 7.69% to N11.40), and AXA Mansard (down 6.67% to N12.60). In contrast, Enamelware led the gainers with a 10% increase, closing at N40.70.