Cornerstone Insurance, 14 others Drive Market Down – NGX

By Tolulope Oke

Shares of Cornerstone Insurance, MTN, others further weakened the Nigerian Exchange (NGX) Limited market on Tuesday by 2.26 per cent.

The All-Share Index (ASI) was reduced by 1,139.02 points yesterday to 49,350.71 points from 50,489.73 points as a result of the ongoing sell-offs in this asset class, while the market capitalization fell by N615 billion to N26.618 trillion from N27.233 trillion.

The largest reduction was reported by Cornerstone Insurance, which fell 9.33 percent to settle at 68 Kobo, and was followed by Dangote Cement, which fell 9.06 percent to N241.00. Japaul fell by 8.11% to 34 Kobo, Sovereign Trust Insurance fell by 7.31% to 25 Kobo, and Stanbic IBTC fell by 6.45% to N29.00.

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In contrast, Prestige Assurance increased by 10% to quote at 44 Kobo, NEM Insurance increased by 10% to N3.74, Ellah Lakes increased by 9.78% to N3.93, Multiverse increased by 9.57% to N2.06, and Ikeja Hotel increased by 9.28% to N1.06.

In total, 12 equities gained strength throughout the day while 15 stocks saw value declines, pointing to a sluggish market.