Equities lose N11b on Yuletide cash squeeze

Taofik Salako


Nigerian equities lost N11 billion in the last trading session before the Christmas holidays as investors opened up market orders in last-minute efforts to close their deals ahead of the two-day holiday.

Sell pressure on mid and large-cap stocks weighed on the overall market position, shaving off N11 billion from the overall market value of quoted equities. Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average decline of 1.0 per cent yesterday, depressing the negative average year-to-date return to -16.99 per cent.

The momentum of activities also increased significantly as turnover rose by 71.83 per cent to 324.40 million shares valued at N1.66 billion in 1,993 deals.

The Federal Government had declared Wednesday December 25 and Thursday December 26, 2019 as public holidays in celebration of Christmas and Boxing Day respectively.

With more decliners than advancers, aggregate market value of all quoted equities dropped from its opening value of…

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