Nigeria Stock Market Decreases by 1.99% in March As Company Announces Plan to Delist

Nigeria Stock Market Decreases by 1.99% in March As Company Announces Plan to Delist

  • Nigeria's stock market ended the month of March negatively despite two consecutive days of gains
  • Cutix Plc, Guaranty Trust Holding Company Plc, Cutix, Fidelity Bank and Universal Insurance Plc were the most actively traded stocks
  • During the review week, oil and gas stocks faced selling pressure, while industrial, banking, insurance, and consumer goods stocks attracted increased demand on the NGX

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.

Nigeria’s equities market recorded a 1.99% decline in March, despite recording a positive performance on Friday, March 28, the final trading session ahead of the Eid-el-Fitr public holidays declared for March 31 and April 1.

Nigeria stock market closes in the negative in March
The Nigerian stock market decreases in March Photo credit: Bloomberg/contributor
Source: Facebook

Despite the monthly decline, the market gained 0.67% in the trading week ended March 28, adding N438 billion to investors’ portfolios.

The week saw three days of positive closes against two days of losses, reflecting cautious optimism among market participants.

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The year’s cumulative return increased to 2.67% as of March 28, signaling resilience despite broader market fluctuations.

Analysts noted that asset managers' portfolio rebalancing activities ahead of the first-quarter (Q1) close influenced trading patterns on the final day of the period.

Summary of the market on Friday

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation, which started the week at 104,962.96 points and N65.819 trillion, rose to 105,660.64 points and N66.257 trillion on Friday, March 28.

Top gainers

  • UACN Property Development Company gained N0.27 (10.00%), rising from N2.70 to N2.97.
  • Abbey Mortgage Bank Plc added N0.43 (10.00%), increasing from N4.30 to N4.73.
  • Northern Nigeria Flour Mills Plc rose by N7.95 (9.96%), climbing from N79.80 to N87.75.
  • Mutual Benefits Assurance Plc gained N0.09 (9.38%), moving from N0.96 to N1.05.
  • Royal Exchange Plc (Royalex) increased by N0.08 (8.25%), from N0.97 to N1.05.

Top losers

  • International Energy Insurance Plc declined by N0.18 (-10.00%), falling from N1.80 to N1.62.
  • Africa Prudential Plc lost N1.45 (-10.00%), dropping from N14.50 to N13.05.
  • Cadbury Nigeria Plc decreased by N2.45 (-9.42%), from N26.00 to N23.55.
  • UPDC Real Estate Investment Trust declined by N0.55 (-9.09%), from N6.05 to N5.50.
  • RT Briscoe Plc lost N0.20 (-7.69%), falling from N2.60 to N2.40.

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Zenith Bank declares massive profit, Jim Ovia to become over N20bn richer

Nigeria stock market close week positive
NGX closed the month of March positive Photo credit: Bloomberg/contributor
Source: Getty Images

Most traded stocks (by volume and value)

  • Mutual Benefits Assurance Plc led trading with 73.94 million shares, valued at N77.46 million.
  • Cutix Plc recorded 72.03 million shares, worth N179.10 million.
  • Guaranty Trust Holding Company Plc traded 67.85 million shares, amounting to N4.57 billion.
  • Fidelity Bank Plc saw 47.55 million shares exchanged, valued at N904.25 million.
  • Universal Insurance Plc had 33.01 million shares traded, worth N19.72 million.

MRS announces plan to delist

MRS Oil Nigeria Plc has announced its intention to voluntarily delist from the Nigerian Exchange Limited (NGX) after a strong financial performance in 2024.

Shareholders approved the decision during an Extraordinary General Meeting (EGM) on June 25, 2024.

When completed, the number of companies listed on the Nigerian exchange will drop to 149.

Zenith Bank announces massive profit

Earlier, Legit.ng reported that Zenith Bank declared impressive revenue in 2024, significantly boosting the net worth of its shareholders, including founder Jim Ovia.

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Nigerian investors count losses as stock market closes in the red

All key metrics of Zenith Bank improved, cementing the financial institution's place as one of the best.

Adaora Umeoji, Group Managing Director/CEO, promised to create value for customers and stakeholders.

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Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.