Nigerian Investors Recover Some Monies as Stocks Reverse Earlier Loss
- What started as a losing week for Nigerian investors, with over N650 billion loss on Monday, appears to be turning around for them
- The Tuesday trading session ended differently for the investors, with some profits to show for
- However, it is still a negative week overall, as the losses still outweigh the gains by far
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
Tuesday, April 8, was a positive day for Nigerian investors as the Nigerian Exchange Limited (NGX) ended the trading day with N100.45 billion gains.
The week started with both global and Nigerian stocks reacting to President Donald Trump’s import tariff increase.
Investors in the NGX lost about N658.23 billion to close the Monday trading day with a market capitalisation of N65.49 trillion.
Source: UGC
But by the close of trading on Tuesday, stock recovered and the market cap closed at N65.59 trillion, and the All Share Index rose by 0.15%.
Mixed stock performance
The PUNCH reports that the Tuesday trading session has a mixed sectoral performance with 16 stocks gaining, and 43 losing.
At the top of the list are Secure Electronic Technology with 8.89% gain, Abbey Mortgage Bank with 8.35%, and Sterling Financial Holding Company with 6.85%.
In the list of losing stocks, UH Real Estate Investment Trust lost 9.95% to close at N46.15; NAHCO lost 9.94% to close at N62.95; and NEM Insurance lost 9.92% to close at N11.80 per share.
The most traded stocks were banking stocks with Access Corporation, Guaranty Trust Holding Company, Fidelity Bank and FCMB Group dominating top trades.
Across sectors, the banking sector leads with a 1.89% gain, while the Oil and gas sector appreciated by 0.04%.
The Commodity sector stayed flat while insurance, consumer goods, and industrial goods sectors declined by 4.07%, 0.16%, and 0.11%.
NGX issues warning about fake investment experts
Recall that the NGX recently sent out a message to Nigerians about fraudulent individuals posing as investment experts.
The exchange warned that these so-called strategists are not connected to the exchange, and their activities are false and fraudulent.
The public has been urged to conduct due diligence before engaging anyone or entity posing as registered financial advisors.
Source: Getty Images
Recall that the NGX group recently declared a record-breaking profit of N13.6 billion before tax for the 2024 financial year.
The board of directors thus authorized a final dividend of N4.4 billion, or N2 per share, in appreciation of this outstanding achievement. This is the largest dividend payout in the Group's history.
N18 billion investments wiped out from NGX
In related news by Legit.ng, the NGX recently delisted three companies, namely Capital Oil Plc, a notable oil company, Medview Airline Plc, and Goldlink Insurance.
The NGX statement listed several regulatory infractions from the affected companies, despite repeated warnings over the years.
The NGX also advised the affected investors who hold shares worth about N18 billion in these companies on what to do next.
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Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
Ruth Okwumbu (Business Editor) Ruth Okwumbu-Imafidon is a business journalist with over a decade's experience. She holds both a Masters' and B.Sc. degrees Mass Communication from the University of Nigeria, Nsukka, and Delta State University. Before joining Legit.ng, she has worked in reputable media including Nairametrics. She can be reached via ruth.okwumbu@corps.legit.ng
Kola Muhammed (Copyeditor) Kola Muhammed is an experienced editor and content strategist who has overseen content and public relations strategies for some of the biggest (media) brands in Sub-Saharan Africa. He has over 5 years of experience in copyediting.
