Nigerian Stock Investors Lose Over N500 Billion in 3 Days

• The Nigerian Exchange extended its losing streak on Wednesday, shedding over N200 billion at the close of trading
• This latest decline pushed the total loss recorded to over N500 billion in just three days of stock trading
• The downturn was driven by losses in MRS, Livestock Feeds, E-Tranzact, and Coronation Insurance at the close of trading

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian stock market extended its losing streak for the third consecutive day on Wednesday, March 19.

New data showed that bargain hunters' activities failed to provide support for oversold stocks, leading to another round of sell-offs.

This weak investor sentiment has kept gains in check, resulting in a cumulative market loss of about N563 million in just three days of trading. (Monday to Wednesday).

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The market, which opened the week with a capitalisation of N66.352 trillion, has declined by 0.98% so far. On Wednesday alone, the market dropped by 0.44%.

MRS led the losses followed by Livestock Feeds laggards, E-Tranzact, Coronation Insurance and May & Baker.

As a result of the persistent bearish sentiment, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and market capitalisation dropped further from 105,360.19 points and N66.068 trillion to 104,915.13 points and N65.789 trillion, respectively.

Snapshot of trading activities on Wednesday

There were 12,012 deals as investors traded 1,366,555,194 shares worth N12.374 billion.

Top 5 Gainers

• Julius Berger Nigeria Plc gained N10.70, rising from N126.30 to N137.00 per share (8.47%).
• Omatek Ventures Plc increased by N0.04, moving from N0.65 to N0.69 per share (6.15%).
• UPDC Plc gained N0.08, climbing from N2.97 to N3.05 per share (2.69%).
• Wema Bank Plc advanced by N0.25, rising from N10.30 to N10.55 per share (2.43%).
• Unilever Nigeria Plc gained N0.80, increasing from N37.70 to N38.50 per share (2.12%).

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Top 5 decliners

• Livestock Feeds Plc fell by N0.94, dropping from N9.40 to N8.46 per share (-10.00%).
• eTranzact International Plc declined by N0.55, decreasing from N5.85 to N5.30 per share (-9.40%).
• Wapic Insurance Plc lost N0.24, moving from N2.59 to N2.35 per share (-9.27%).
• MRS Oil Nigeria Plc dropped by N16.00, falling from N178.00 to N162.00 per share (-8.99%).
• May & Baker Nigeria Plc declined by N0.70, sliding from N8.70 to N8.00 per share (-8.05%).

Top 5 trades by volume

• Sovereign Trust Insurance Plc recorded 1,009,734,328 shares valued at N989,016,093.19.
• Fidelity Bank Plc saw 42,796,085 shares exchanged, amounting to N723,151,338.85.
• Access Holdings Plc registered 30,614,265 shares worth N698,019,950.20.
• Jaiz Bank Plc traded 23,950,842 shares valued at N85,036,629.78.
• Zenith Bank Plc posted 21,630,923 shares, with a total value of N1,024,290,786.40.

DMO announces date to begin auction of N300 billion FGN bonds

In a previous report by Legit.ng the Debt Management Office (DMO) announced that auctions of the federal government bonds valued at N300 billion will begin soon.

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It will be open for subscription at the rate of N1,000 per unit, and the auction of the bonds will commence on March 24.

Source: Legit.ng