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NGX: Sell-offs drag market down, investors lose N132 billion

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NGX All-Share Index also dropped by 0.24 per cent, losing 235 points to settle at 97,473.98 from an opening of 97,708.74.

The stock market recorded a downturn, resulting in a loss of N132 billion in investors’ wealth on the Nigerian Exchange Ltd. . This negative trend was primarily driven by sell-offs in Tier-one banking stocks such as Zenith Bank, FBN Holdings, and United Bank of Africa. Apart from Tier-one banking stocks, Wema Bank, Sterling Bank, FCMB,…

Apart from Tier-one banking stocks, Wema Bank, Sterling Bank, FCMB, Dangote Sugar, and PZ Cussons, among others, pulled down the market on a negative note. LearnAfrica and Tantalizers led the gainers’ table by 10 per cent each, closing at N3.63 and 55k per share, respectively. NEM and Caverton also saw significant declines of 9.66 per cent and 9.55 per cent, respectively, closing at N9.35 and N1.24 per share.A total of 306.60 million shares valued at N5.81 billion were transacted in 7,951 deals, in contrast to 439.10 million shares valued at N11.38 billion in 8,607 deals traded on Monday.

The Federal Government, on Tuesday, launched the Nigeria Mineral Resources Decision Support System to boost the ease of doing business in the mining sector. Speaking during the launch in Abuja, the Minister of Solid Minerals Development, Dr Dele Alake, said that the portal will expand access for prospective investors to critical information on Nigeria's…

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has assured that the Presidential Initiative on Compressed Natural Gas of the current administration is on course and that CNG-powered vehicles...

 

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