Nigerian Stock Exchange Loses N100 Billion In A Single Day

The Nigerian Stock Exchange market entered into the new quarter with losses. At the end of the trading session on Thursday, it recorded a decline in the All-Share Index by 0.33 percent to stand at 38,918 index points, a far cry from the previous day's index points of 39,045.

The market value of the Stock Exchange has dropped to N20.45 trillion from N20.55 trillion. Its Year-to-Date (YTD) return is currently at 3.04 percent, which brings a loss of N100 billion.

The market breadth ended on a negative note for the third time this week as the United Africa Company of Nigeria(UACN) led 28 Gainers, and Oyo state-based food production company FTN Cocoa Processors (FTNCOCOA) led the 12 losers.

Nigerian stocks have performed poorly in the market and suffered major losses due to several factors including; the rising yields of government securities, worsening national economy, and change in investors' decision. March has especially been catastrophic for stocks on the NSE and is so far has been the worst month for stocks in the past five years.