See more as Dangote, other billionaires' lose big as stock market drops again

• The Nigerian banal marketplace recorded its 4th consecutive nonaccomplishment successful the week astatine the extremity of trading connected Thursday
• The market's latest nonaccomplishment was led by Livestock Feed, Custodian Investment, UACN Property Development Plc and Chams
• Fidelity Bank, Veritas Kapital, Nigerian Breweries, Zenith Bank, and Access Holdings were the astir actively traded stocks

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Nigeria’s equities marketplace continued its losses connected Thursday, March 20 arsenic the benchmark show scale declined somewhat by 0.05%.

The latest show extended the antagonistic streak to 4 consecutive sessions.

Stock marketplace records 4th nonaccomplishment successful a week Photo credit: ngx
Source: Facebook

The prolonged downturn further eroded the market’s year-to-date (YtD) return, which stood astatine +1.88% by the adjacent of trading.

This week, the marketplace has mislaid 1.03%, portion the monthly diminution present stands astatine 2.75%.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) fell from 104,915.13 points to 104,858.77 points, portion the equities marketplace capitalization dropped from N65.789 trillion to N65.754 trillion

Fidelity Bank, Veritas Kapital, Nigerian Breweries, Zenith Bank, and Access Holdings were the astir actively traded stocks arsenic investors exchanged 310,527,528 shares worthy N6.247 cardinal successful 10,182 deals.

Livestock Feeds led the decliners, falling from N8.46 to N7.65, shedding 81 kobo oregon 9.57% of its opening value.

Custodian Investment followed, dropping from N21.50 to N20, a diminution of N1.50 oregon 6.98%. UPDC besides declined, shedding 19 kobo oregon 6.23% to adjacent astatine N2.86 from N3.05, portion Chams mislaid 11 kobo oregon 5.16%, dropping from N2.13 to N2.02.

Dangote leads Nigeria, billionaires, with losses arsenic banal marketplace drops Photo credit: Bloomberg/contributor
Source: Getty Images

Nigerian billionaires recorded losses

The show of the Nigerian banal marketplace affected the nett worthy of Nigerian billionaires.

Aliko Dangote, Nigeria’s richest antheral suffered a nett worthy driblet of $483 cardinal to extremity the time astatine $23.3 cardinal according to Forbes real-time billionaire rankings.

Mike Adenuga, the laminitis of Globacom and an lipid magnate, ranks 2nd among Nigeria’s richest and besides suffered a nonaccomplishment of $20 million, decreasing his nett worthy to $6.8 billion.

Abdulsamad Rabiu, president of BUA Group, recorded a important driblet successful wealth, losing $406 cardinal bringing his full nett worthy to $4.5 billion.

His businesses span cement, sugar, and different industries.

Meanwhile, Femi Otedola, president of Geregu Power, saw the biggest diminution arsenic its wealthiness shrunk by $153 cardinal to $1.3 billion.

Naira trades astatine caller rates arsenic forex outflows rise

Earlier, Legit.ng reported that the planetary tariff warfare betwixt the US, Canada, Mexico, the EU and China has affected the Nigerian naira.

The tariff warfare led to the naira depreciating successful the overseas speech marketplace arsenic investors pulled their investments from the NGX.

Data from the Central Bank of Nigeria shows that forex outflows grew by 78% successful January this year, starring to an N45.45 cardinal outflow successful dollar terms.

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Source: Legit.ng