The stock market extended its negative trend on Thursday, wiping out N2.179 trillion from investors wealth, a development driven by sell-offs in fundamentally strong stocks as investors adjust to the new T+1 settlement cycle.
Market capitalisation declined by 1.41 per cent, falling from N154.445 trillion to N152.266 trillion, reflecting a loss of N2.179 trillion within the review period.
Similarly, the All-Share Index (ASI) dropped by 3,397.80 points or 1.41 per cent, closing at 237,404.92 compared to 240,802.72 recorded at the beginning of the downturn.
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Consequently, market’s Year-to-Date (YTD) return erased to 52.56 per cent while the market breadth closed negative with 40 decliners against 13 advancers.
Cadbury, Africa Prudential and Triple Gee led the losers’ chart by 10 per cent each, finishing at N62.10, N11.70 and N3.60 per share respectively.
Similarly, John Holt declined by 9.93 per cent, closing at N12.25 and Mc Nichols shed by 9.33 per cent,
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