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

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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NGX Group and Listed Companies Seek Government Intervention to Ease Manufacturing Sector ChallengesThe Nigerian Exchange, NGX, Group and some listed companies have requested the intervention of the Federal Government to address the difficulties faced by the manufacturing sector. Foreign exchange losses and high financing costs have been major obstacles for manufacturers in recent months.
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Naira depreciation: Equity market records N200bn loss in NGXTrading activities on the floor of the Nigerian stock market declined on Tuesday, making investors lose N200 billion amid the recent Naira depreciation against the Dollar at the foreign exchange market. Accordingly, the market capitalisation shed N200 billion or 0.35 per cent to close at N56.167 trillion, in contrast to N56.
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