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Investors lose N554bn as stocks fail to moderate declines

Nigeria’s equities market on Wednesday closed further in the red zone by 1.88percent, its third consecutive decline this week. Investors have since this month been taking profit-taking on some counters that had appreciated this year. This month, the market has decreased by 2.24percent.

Airtel Africa Plc led the league of decliners after its share price moved down from N1479 to N1331.10, losing N147.90 or 10percent. It was followed by Flour Mills Nigeria Plc which decreased from N31 to N29.50, losing N1.50 or 4.84percent, while Ikeja Hotel Plc also made the top laggards league after dipping from N1.32 to N1.19, down by 13kobo or 9.85percent.

At the close of Wednesday’s trading session on the Nigerian Exchange Limited (NGX), the All-Share Index (ASI) and equities Market Capitalisation decreased from preceding day’s high of 54,035.39points and N29.436trillion respectively to 53,018.97points and N28.882trillion.

Read also: Stock market opens new month on a negative note

Driven by record dip in consumer goods stocks, investors booked about N554billion loss, which pushed the market’s year-to-date (YtD) positive return to +3.45percent.

In 3,506 deals, investors exchanged 197,330,713 shares valued at N2.674billion. UBA, Transcorp, Zenith Bank, Oando, and Mutual Benefits Assurance were top-5 traded stocks.

United Bank for Africa Plc on Wednesday in line with listing regulations of the Nigerian Exchange Limited for quoted companies, informed its shareholders, the NGX, and the investing public that the Board of Directors of the bank is scheduled to meet on Thursday, April 13, 2023, to consider, amongst other matters, the unaudited 2023 first quarter (Q1) financial statements and reports for the period ended March 31, 2023.

United Bank for Africa Plc in compliance with the post-listing requirements of the NGX for quoted companies has declared the commencement of the closed period for trading in the bank’s shares from April 1, 2023, in respect of the unaudited 2023 first quarter financial statements and reports for the period ended March 31, 2023.