Stock market goes south as investors take profit on recent gains

Nigeria’s stock market moved further into the negative zone on Tuesday ,April 21 as investors continued to take profit on recent gains.

The market had posted about 7.2 percent increase or N801.3billion gains last week while the Bulls consolidated their position on the Bourse.

But following the record dominance by the Bulls in the last few sessions, which resulted to most fundamentally sound stocks recording capital appreciation, the market has now witnessed a trend reversal.

Market watchers expect no deviation from this trading pattern when dealing members start to trade on Wednesday April 22 on the heels of persisting challenge with the global crude price which creates more uncertainties in the market.

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By Iheanyi Nwachukwu • April 22, 2020

Iheanyi Nwachukwu

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.