Investors Lose N534bn As Banking, Telecom Sell-offs Drag Equities Lower

The Nigerian equities market closed the week on a bearish note with a decline of N534 billion, as renewed sell-offs in selected stocks weighed on overall market performance.
Accordingly, the benchmark NGX All-Share Index (ASI) declined by 0.33 per cent week-on-week (WoW) to close at 247,539.73 points, while market capitalisation decreased by N534 billion to N160.73 trillion. Consequently, the market’s year-to-date (YTD) return moderated to 59.07 per cent.
The week’s performance was driven mainly by sell pressure in Zenith bank, MTN Nigeria Communications (MTNN), First Holdco and Guaranty Trust Holding Company (GTCO).
Despite the decline in the benchmark index, market breadth remaine...