Nigerian Stock Market Closes Bearish, Benchmark Index Down 0.52%

The Nigerian stock market closed bearish as the benchmark share index dropped by 0.52% due to intraday sell-offs, resulting in a decline of N557 billion in investor wealth. The market capitalization closed at N105.89 trillion, with 39 companies losing value, led by Omatek Ventures.

Trading saw an increase in total volume to 3.43 billion shares valued at N24.93 billion across 43,548 deals. Notably, UBA announced a N157 billion rights issue to meet the minimum capital requirement set by the CBN by March 2024, with five banks already compliant.