Equity Market Sheds N84billion As 26 Stocks Crash

The Market capitalisation dropped by N84.3 billion to close at N9.784 trillion against a loss of N24.6 billion recorded on Monday to close at N9.868 trillion.

Market breadth was negative, with only seven gainers versus 26 losers. Skye Bank continues its rally to lead the highest price gain of 9.01 per cent, to close at 72 kobo per share. Aiico Insurance gained 4.10 per cent to close at 76 kobo, while UACN appreciated by two per cent to close at N20.50 per share.

Transactions in the shares of Skye Bank topped the activity chart with 55.7 million shares valued at N41.35 million. Linkage Assurance followed with 33.59 million shares worth N16.79 million, while FBN Holdings traded 23.72 million shares valued at N85.47 million.

Stock market analysts said the negative sentiment is as a result of investors responding to rising inflation coupled with uncertainties around the FX policy by possibly shifting capital to safety.