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Miri Strategic, NGX Group’s shareholder, sells off shares, as investors lose N6.8bn

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Another substantial shareholder of Nigerian Exchange Group (NGX Group), Miri Strategic Emerging Markets Fund LP has taken out its investment in the company.

Miri Strategic Emerging Markets joined other investors that have been dumping their shares in NGX Group this third quarter by selling 1.5 million shares on September 16, 2022.

The sell off led to Miri Strategic Emerging Markets taking out N29.64 million worth of investment from NGX Group. Six days later, another substantial shareholder, Cardinal Stone Partners Limited engaged in a sell off as well.

Read also:Substantial investor takes out N457.63m from NGX Group, as firm loses investors’ confidence

Cardinal Stone Partners had sold off 25,423,999 units of shares held in NGX Group, to exit over N457.63 million from the company on September. This means within one week, two substantial shareholders withdrew N487.27 billion.

Ripples Nigeria equity market analysis of NGX Group share performance shows the stock has fallen by -15.21 per cent in the third quarter (Q3), which is between July and September.

NGX Group’s stock value had depreciated from N23 per share at the start of Q3 to N19.50kobo per share as at September 29, on the back of a bearish run indicating equity market’s loss of confidence in NGX Group.

Shareholders’ investment value is down by -15.21% in Q1, representing a loss of over N6.8 billion, after the market valuation of NGX Group fell to N38.3 billion, from N45.17 billion within the period in review.

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