Stock Market Sheds N1.33trn As Profit-taking Hits Large-caps

Selling pressure intensified on the floor of the Nigerian equities market, with a N1.333 trillion decline, marking one of the steepest single-day declines in recent weeks.
As a result, the All-Share Index declined by 2,054.25 points, representing a loss of 0.82 per cent to close at 248,042.50 points. Also, market capitalisation shed N1.333 trillion, closing at N161.052 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks, amongst which are: Aradel Holdings, MTN Nigeria Communications (MTNN), Eterna, Stanbic IBTC Holdings and Fidelity Bank.
The decline reflects increased selling pressure and continued cautious sentiment as the market pulled f...