By Taiye Olayemi
The Nigerian stock market closed slightly lower on Friday as investors booked profits in several medium and large-cap stocks, resulting in a N13 billion decline in market value.
At the close of trading, the stock market capitalisation of the Nigerian Exchange Limited (NGX) fell by N13 billion, or 0.01 per cent, to N158.326 trillion, down from N158.339 trillion recorded on Thursday.
Related News
Similarly, the All-Share Index (ASI) shed 78.58 points, representing a 0.03 per cent decline, to settle at 245,283.68, compared with 245,362.26 in the previous trading session.
The downturn trimmed the market’s year-to-date return to 57.62 per cent.
The negative performance was largely driven by profit-taking in Fortis Global Insurance, CAP Plc, Veritas Kapital Assurance, Vitafoam Nigeria, The Initiates Plc, and 24 other listed equities.
Despite the stock market’s decline, investor sentiment remained broadly positive as 34 stocks advanced, outperforming 29 decliners, reflecting sustained buying interest
This post was originally published on this site.
