Stocks sell-offs rage as market shed N92bn

The sell-offs in the domestic bourse continued on Wednesday as market capitalisation declined by N91.9 billion to close at N20.7 trillion.

Price declines were recorded for the stocks of WAPCO (-7.1 per cent), Intbrew (-4.5%) and MTNN (-2.3%).

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The benchmark index fell at least 44 basis points (bps) to 39,522.06 points while the return dropped to -1.9%.

Trading activity varied as volume advanced by 9.8% to 244.3 million units and value fell 23.4% to N4.1bn.

Performance across sectors was poor as four of the six indices under coverage closed southward.

Investor sentiment as measured by market breadth declined to 0.6x from the 0.7x recorded previously as 16 stocks advanced against 29 decliners.