Equities trading on the Nigerian Stock Exchange (NSE) closed in the red zone on Wednesday October 2, 2019 due to persisting sell pressure on the Bourse.

As a result, investors books about N153billion loss which pushed the market’s Year-to-Date (YtD) returns further into the negative zone of -13.09percent. Only 11 stocks gained as against 24 losers.

In the absence of any positive events capable of swaying investors’ sentiment to the positive side, market watchers expect the bearish performance to extend into Thursday trading session. Week-to-date (WtD), the stock market has decreased by 1.30percent due to losses in mid-to-large cap stocks.

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At the sound of trade closing gong on Wednesday, the Nigerian Stock Exchange All Share Index (ASI) decreased by 1.14percent to close at 27,314.87 points as against the preceding day close of 27,630.56 points while Market Capitalisation closed at N13.297 trillion as against preceding day close of N13.450 trillion, indicating a decline of N153billion.

The volume of stocks traded decreased by 9.76percent from 194.7 million to 175.7 million, while the total value of stocks traded decreased by 16.18percent from N3.065 billion to N2.569 billion in 3,539 deals.                                                                                    

The Financial Services sector led Wednesday activity chart with 95.8 million shares exchanged for N1.13 billion, followed by Consumer Goods with 36.5million shares traded for N675million.

 

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By Iheanyi Nwachukwu • October 3, 2019

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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