Nigeria Stock Market Investors Record Over N100 billion Loss
- The Nigerian stock market recorded a loss on Wednesday and could not sustain its strong performance on Tuesday
- New data showed that the market witnessed selling-off activities as market capitalisation decreased
- ETI, PZ Cussons, Unilever, Haldane McCall, and Learn Africa rerouted the market into the red zone
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 posted a Wednesday, April 9, as the market failed to sustain the preceding day’s positive.
Data from the Nigerian Exchange Limited (NGX) All-Share Index (ASI) showed a decline from its previous high of 104,376.73 points to 104,187 points.
Similarly, the equities market capitalisation decreased from N65.589 trillion to N65.470 trillion.
Source: Getty Images
The performance on Wednesday means that investors on booked about N119 billion loss at the end of trading, and the market is down by 1.26% this week and 1.39% this month.
Snapshot of the market on Wednesday
The poor performance of the market was led by ETI, PZ Cussons, Unilever, Haldane McCall and Learn Africa.
There were 11,576 deals, equities traders exchanged 376,616,721 shares valued at N11.887 billion.
The most actively traded stocks on Wednesday included GTCO, Access Holdings, Zenith Bank, UBA, and Mutual Benefits.
Breakdown of the market performance on Wednesday
Top gainers
- Livestock Feeds gained N0.73 (10.00%), rising from N7.30 to N8.03
- VFD Group added N6.60 (10.00%), increasing from N66.00 to N72.60
- NGX Group rose by N3.20 (9.86%), climbing from N32.45 to N35.65
- Wapic Insurance gained N0.17 (9.60%), moving from N1.77 to N1.94
- Union Dicon Salt increased by N0.55 (9.48%), from N5.80 to N6.35
Top losers:
- Hartford MCA Leasing declined by N0.58 (-10.00%), falling from N5.80 to N5.22
- Learn Africa lost N0.33 (-10.00%), dropping from N3.30 to N2.97
- Ecobank Transnational Incorporated decreased by N2.95 (-9.90%), from N29.80 to N26.85
- PZ Cussons Nigeria declined by N3.30 (-9.88%), from N33.40 to N30.10
- Unilever Nigeria lost N3.75 (-9.75%), falling from N38.45 to N34.70
Most traded stocks (by volume and value):
- GTCO led trading with 62.88 million shares, valued at N4.10 billion
- Access Holdings recorded 51.38 million shares, worth N1.06 billion
- Zenith Bank traded 32.33 million shares, amounting to N1.52 billion
- UBA saw 22.56 million shares exchanged, valued at N775.16 million
- Mutual Benefits Assurance had 18.20 million shares traded, worth N16.62 million
Naira reverses loss, appreciates by N55 against US dollar
Earlier, Legit.ng reported that in the currency market, the naira recovered some of its lost value against the US dollar.
However, the Nigerian currency depreciated against the Pound Sterling in the official market and also against the euro.
The Central Bank of Nigeria (CBN) is determined to ensure the naira does not depreciate further in FX markets.
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Source: Legit.ng
