- In one day, investors at the Nigerian stock market recorded a loss of N278.57 billion
- Investors' demand for shares at the Nigerian bourse was low, dragging down the capital market
- The loss had occurred due to a decline in market capitalisation which plunged on Friday.
Nigerian investors lost N278.57 billion in one day as the market recorded profit-taking and protection against loss among shareholders. The sell-off triggered by uncertainty among investors caused the market capitalisation to plunge on Friday.
At the end of trading on Friday, investors' lack of interest at the trading floor and massive share dump among stakeholders pushed the equity cap down to N20,08 trillion, against the N20.35 trillion recorded on Thursday.
This means N278.57 billion was lost by investors at the stock market due to low confidence among shareholders and trading investors. Trading activities were below par, and this reflected in the all share index (ASI).
The ASI dipped by 1.37% at the end of the trading week on Friday, slipping to 38,382.39 all share index, below Thursday's 38,914.84 ASI.
Investors traded fewer shares today, ending the stock market with 290,61 million shares in 4,311 deals that worth N4.01 billion, but had traded 1.46 billion shares worth N5.85 billion in 4,040 deals on Thursday.
- Ikeja Hotel gained N0.1kobo to move to N1.1kobo per share from N1 per share
- Eterna Bank gained N0.5kobo after it shares rose from N5.08 per share to N5.58kobo
- United Capital rose by N0.35kobo to N5.10kobo from N4.75kobo per share
- UBN gained N0.25kobo to increase from N5.05 to N5.30kobo per share
- Africa Prudential rose by N0.25kobo to N5.35kobo per share, from N5.1kobo
- Lasaco ended trading with N1.21kobo after losing 6.92% to drop from N1.3kobo
- BUA Cement lost N4.8kobo to close stock market with N69.95kobo per share against N74.75kobo it opened with
- Neimeth stock price lost N0.12kobo to slump to N1.78kobo per share from N1.9kobo
- Courtvile lost 4.76% in share value to plunged from N0.21kobo to N0.2kobo per share
- Oando's share price lost N0.14kobo to move from N3.05kobo per share to N3.19kobo
Top active trades
- Zenith Bank traded 66.09 million shares worth N1.48 billion
- Unity Bank recorded 51.81 million traded shares at a value of N37.31 million
- GTBank traded 39.38 million shares at a cost of N1.22 billion
- AIICO saw 26.84 million shares traded among investors worth N33.22 million
- Access Bank reported 12.69 million shares traded which are worth N101.07 million
Meanwhile, Legit.ng had earlier reported that Nigerian young startup founder had raised $25 million from foreign investors to expand Kuda, a Nigerian digital bank.
The startup is leveraging on the growing youth population, which is what inspired Valar Ventures to invest in Kuda.
Fakoyejo Olalekan is a Business and Financial Journalist with over three years of experience in covering finance and business activities within Nigeria and offshore. Prior to joining Legit.ng, he worked at Nairametrics where he wrote financial and investment analysis articles. Olalekan is a resourceful and result-driven journalist with a track record for conducting extensive research and interviews to produce articles that provide different perspectives to market activities.