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Transactions reverse on NGX, investors lose N34bn
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Trading rebounds on NGX, market capitalisation increases N18bn
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As a Nigerian interested in investing or making money, names like Aliko Dangote, Femi Otedola, Mike Adenuga, Tony Elumelu, Jim Ovia, Rabiu Abdulsalam etc., come to mind as aspirational role models. These men have all made billions of naira investing in companies listed on the Nigerian Stock Exchange either as founders or strategic investors.
However, there are many other lesser-known investors in companies listed on the Nigerian Stock Exchange who are worth billions (in naira). These investors are seasoned and while they may not always be the founders of the companies they are invested in; they own a significant chunk of the business through strategic investment stakes that earn them billions annually in capital appreciation and dividends.
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Published 10 March 2021
Investors on the Nigerian Stock Exchange on Tuesday lost N317bn in a trading session amid sell pressure on bellwethers, the News Agency of Nigeria reported.
Specifically, the market capitalisation which opened at N20.612tn shed N371bn or 1.80 per cent to close at N20.241tn.
Also, the All-Share Index dipped 709.72 points or 1.80 per cent to close at 38,686.85 from 39,396.57 achieved on Monday.
Accordingly, the month-to-date and year-to-date losses increased to 2.8 per cent and 3.9 per cent respectively.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Lafarge Africa, United Bank for Africa, Greif Nigeria, Northern Nigeria Flour Mills and Zenith Bank.