Equities Market Sheds N163.96billion Over Sell Pressure

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The  Nigerian equities market kicked off trading in the week as a result of sell pressure on the floor of the exchange which was heralded by the new forex regime which commenced on Monday, June 20.

Market capitalization also lost N163.952 billion to close at N9.881 trillion against the gain of N260.1 billion recorded previously to close at N10.044 trillion.

Following the development, analysts noted that despite the increased expectation of foreign investors’ return to the market, profit taking thrived as investors sold off on stocks that gained significantly in the previous week.

The volume of trades declined by 33.73 per cent to close at 416 million shares value at N2.25 billion. Also, market breadth closed negative with 17 gainers and 33 decliners.

 

(Bizwatch)

 

 

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