Investors lose N48bn as NGX records three days of negative closes

The record sell pressure trailing Nigeria’s Bourse since this week, particularly banking, insurance and consumer goods stocks, spurred a decrease in investors’ wealth in shares by about N48billion.

Amid three consecutive days of dismal closes, the negative return seen this week increased to -0.24 percent, fueled by 0.06 percent decline at the close of trading on Wednesday, while this year the market has dipped by -5.06percent.

The Nigerian Exchange (NGX) Limited All Share Index (ASI) and market capitalisation had opened this week at 38,324.07 points and N19.975 trillion but at the close of trading session on Wednesday, both indicators stood at 38,233.68 points and N19.928trillion.

Lagos-based United Capital research analysts had anticipated muted market activity on Wednesday, saying that investors will continue to sit on the sidelines and await the results of the CBN’s scheduled primary market auction (PMA).

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By Iheanyi Nwachukwu • May 27, 2021

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.