The Nigerian equities market suffered its biggest day loss in 2022 as capitalisation fell by N858 billion, following sell offs in Airtel Africa Plc and 22 others.
The All Share Index (ASI) decreased by 1,575.81 absolute points, representing a dip of 3.23 per cent to close at 47,260.89 points. Similarly, the market capitalisation lost N858 billion to close at N25.742 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Okomu Oil, Presco, MTN Nigeria Communications (MTNN) and Nigerian Exchange Group (NGX Group).
As measured by market breadth, market sentiment was negative as 23 stocks lost relative to 14 gainers. Geregu Power recorded the highest price gain of 9.91 per cent to close at N120.90, per share. Livestock Feeds followed with a gain 9.80 per cent to close at N1.12, while Cutix rose 8.00 per cent to close at N2.16, per share.
Cornerstone Insurance went up by 3.92 per cent to close at 53 kobo, while FCMB Group appreciated by 3.83 per cent to close at N3.23, per share. On the other hand, Airtel Africa led the losers’ chart by 10 per cent to close at N1,800.00, per share. Presco followed with a decline of 9.99 per cent to close at N128.35, while Okomu Oil lost 9.98 per cent to close at N169.50, per share.
Honeywell Flour Mills lost 8.66 per cent to close at N2.11, while Red Star Express shed 8.62 per cent to close at N2.12, per share.