Nigerian Stock Market Opens First Trading in the Week With N8bn Loss

• The Nigerian stock market recorded a poor performance on Monday as it recorded a substantial loss of N8 billion in market capitalisation
• Data shows that the losers' table was led by E-Tranzact International Plc, Prestige Assurance Plc
• Stocks like Academy Press Plc, Neimeth International Pharmaceuticals Pl and Tantalizers Plc led the gainers' table

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 stock market opened the week on a negative note, falling by 0.15% at the close of trading on Monday, March 17.

Data from the Nigerian Exchange Limited (NGX) showed that the market All-Share Index (ASI) slipped to 105,799.17 points from 105,955.13 in the previous session.

While market capitalisation dropped to N66.343 trillion from N66.351 trillion reported on Friday, March 14.

This means N8 billion was lost by investors in the stock market at the end of trading on Monday.

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Nigerian stock market ends week on negative as investors lose N366bn in hours

Details on how the stock market performed

In 13,520 deals, investors exchanged 477,512,939 shares worth N7.05 billion

Here is a snapshot of the market activities.

Gainers list

• Academy Press Plc gained N0.26, rising from N2.62 to N2.88 per share (9.92%).
• Neimeth International Pharmaceuticals Plc gained N0.21, moving from N2.49 to N2.70 per share (8.43%).
• Tantalizers Plc gained N0.20, increasing from N2.93 to N3.13 per share (6.83%).
• Dangote Sugar Refinery Plc rose by N1.65, climbing from N35.05 to N36.70 per share (4.71%).
• Stanbic IBTC Holdings Plc gained N2.50, moving from N59.00 to N61.50 per share (4.24%)..

Losers list

• E-Tranzact International Plc declined by N0.65, dropping from N6.50 to N5.85 per share (-10.00%).
• SUNU Assurances Nigeria Plc fell by N0.51, decreasing from N5.14 to N4.63 per share (-9.92%).
• Prestige Assurance Plc lost N0.09, moving from N1.09 to N1.00 per share (-8.26%).
• Sovereign Trust Insurance Plc dropped N0.08, falling from N1.03 to N0.95 per share (-7.77%).
• Red Star Express Plc declined by N0.45, sliding from N5.80 to N5.35 per share (-7.76%).

Read also

Stocks market rises by N82bn after consecutive sessions of negatives

Top active trades

• Jaiz Bank Plc recorded a turnover of 197,416,163 shares valued at N606,149,516.66.
• Zenith Bank Plc traded 25,976,111 shares worth N1,235,172,217.40.
• Sovereign Trust Insurance Plc saw a volume of 19,259,313 shares with a value of N18,525,347.34.
• Prestige Assurance Plc exchanged 18,541,946 shares amounting to N18,991,849.38.
• Fidelity Bank Plc recorded 15,895,390 shares valued at N270,477,408.95.

Naira gains by 8.5% against US dollar

Legit.ng previously reported that the Nigerian currency recorded a strong performance against the US dollar in the unofficial FX markets.

Afrinvest, in its monthly market report, revealed that the naira closed at N1,490 per dollar in the black market.

There are concerns that the depletion of the CBN's foreign reserves could affect the naira in March.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng