Nigerian stocks give up gains after four-day rally

After four consecutive days of gains, the market value of Nigerian stocks dropped by N257 billion on Thursday. 

The All Share Index of the Nigerian Exchange Limited fell by 0.9 percent to 52,109.43 basis points while the market capitalisation tumbled to N28.63 trillion. 

Twenty-seven firms, led by Academy Press Plc and Ardova Plc, suffered losses at the end of trading, while 22 recorded gains. 

“The market’s loss was primarily driven by the decline in telco heavyweight, Airtel Africa (-6.00 percent). The decline puts the index on track for another week of loss. Consequently, the year-to-date return fell to 1.67 percent,” analysts at Coronation Securities Limited said.

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