• Saturday, February 24, 2024
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Nigeria’s stock market hits new lows

MTN, others drive over N300bn market loss as week opens

Nigeria’s stock market failed to sustain week-open gains on Tuesday, March 9 as sell pressure pushed the market indicator down by 1.80percent at the close of trading. Cumulatively, investors lost about N371billion on Tuesday alone.

They chose to sell stocks like UBA, Eterna, Caverton, Northern Nigeria Flour Mills, and Greif Nigeria Plc (Vanleer) which impacted negatively on their pricing on the bourse.

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) and Market Capitalisation moved from a high of 39,396.57 points and N20.612trillion respectively at the close of trading session on Monday to 38,686.85 points and N20.241trillion.

The NSE ASI decreased by 1.80percent at the close of trading, while the value of listed stocks decreased by N371billion.

The market’s year-to-date (YtD) negative returns increased to -3.93percent, while the record dip this month widened by 2.80percent.

Read Also: Nigeria’s stock market reroutes to green zone as investors buy Ardova, others

UBA led the list of laggards after its share price decreased from N8 to N7.2, losing 8kobo or 10percent; Eterna dipped from N5.7 to N5.13, shedding 57kobo or 10percent.

Caverton decreased from N1.99 to N1.8, losing 19kobo or 9.55eprcent. Northern Nigeria Flour Mills was also down, from N6.3 to N5.7, shedding 60kobo or 9.52percent, while Vanleer dipped from N7.4 to N6.7, down by 70kobo or 9.46percent.

UBA, Notore, Mutual Benefit, FBN Holdings, and Access Bank were most traded stocks. In 5,307 deals, investors exchanged 545,914,763 units valued at N9.587billion.