Stock market opens week with N16bn loss, SEC pushes for saving culture

Investors on the Nigerian Exchange Limited (NGX) suffered N16 billion loss at the close of trading on Monday, the first trading day after the governorship and House of Assembly elections. This is just as the Security and Exchange Commission (SEC) has called for increased saving lifestyle and personal financing. Records of stock activities yesterday indicated […]

Investors on the Nigerian Exchange Limited (NGX) suffered N16 billion loss at the close of trading on Monday, the first trading day after the governorship and House of Assembly elections.

This is just as the Security and Exchange Commission (SEC) has called for increased saving lifestyle and personal financing.

Records of stock activities yesterday indicated that the market capitalization which measures the value of traded stocks daily crashed to N29.89 trillion from N29.91trn, shedding N16bn.

Nigerians elected governorship candidates and those for states’ house of assemblies on Saturday, March 18th. The nation’s capital market is information driven and experts believe that the ongoing election results collation and proceedings may have sparked a lull in the economy and the stock market in particular.

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As a result, the All-Share Index, which gauges the depth of daily stock trading, also declined by 29.35 basis points to close at 54,886.04 points from 54,915.39 points.

Meanwhile, SEC, the stock market and securities regulator has emphasized the need for children and young people to develop sound financial habits, knowledge, attitudes, and behaviours from a young age.

It stated this in a statement on the backdrop of the Global Money Week marked from March 20th to 26th.

The GMW is an event organized by the Organisation for Economic Co-operation and Development (OECD)International Network on Financial Education with the Central Bank of Nigeria responsible for coordinating the event in Nigeria.

Director General of SEC, Mr. Lamido Yuguda, speaking on the theme, “Plan your money, plant your future”, said, “This year’s Global Money Week2023 is a great opportunity for everyone to engage children, youth and young people in activities around the theme.”