Stock Market Down N800bn on Losses in BUA Foods, Nestle
Kayode Tokede
The Nigerian stock market took a pause to its recent gains, closing lower as the overall capitalization declined by N800 billion on losses in BUA Foods (10 per cent), Nestle Nigerian Plc (-10.0per cent), and 25 others.
The Nigerian Exchange Limited All-Share Index (NGX ASI) dipped by 1,241.19 basis points or 0.50 per cent, to close at 245,418.37 basis points. Similarly, the overall market capitalisation value shed N800 billion to close at N158.319 trillion.
Sectoral performance was mixed as the Consumer Goods (-5.0per cent) index declined, while the Insurance (+1.6per cent), Banking (+1.5per cent) and Industrial Goods (+0.8per cent) indices advanced. The Oil & Gas index closed flat.
