Stock Market Plummets by N1.17trn on Renewed Profit-taking in MTN, Others
Kayode Tokede
The stock market closed the trading session on a negative note, as losses in MTN Nigeria Communications (MTNN) Plc and 25 others caused the overall capitalization to close lower by N1.17 trillion.
About 4.73 per cent drop in MTN Nigeria shares, 4.11 per cent depreciation in Dangote Sugar Refinery Plc and 1.41 per cent downward movement in First Holdco Plc influenced the market capitalisation decline.
As a result, the Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 1,806.18 basis points or 0.73 per cent, to close at 246,723.57 basis points from 248,529.75 basis points it opened for trading, while the market’s year-to-date (YTD) return moderated to 58.55per ent, from 59.71per cent in the previous session.
