Nigeria’s equities market gains N6bn

A slightly positive close (+0.03percent) on Tuesday is an indication of a possible reversal in the recent negative trend on the Nigerian bourse. The gradual return of buy-side activities, which pushed stocks value higher by N6 billion on Custom Street, was driven by interests in low-priced but value countered.

Only this February, bear reign has forced the Nigerian stock market to decrease by 5.30 percent, thereby re-routing the market to the negative region (-0.26percent) year-to-date (YtD).

Tuesday’s positive close came as investors who raised bets in stocks like Livestock Feeds (+7.15percent), AIICO (+7.14percent), Flour Mills (+6.16percent), Zenith Bank (+4.84percent) and Cutix (+4.65percent) saw reentry opportunities. This is in addition to their expectations of attractive dividend yields in the earnings season.

As more investible funds are being channelled away from the equities market into the fixed income (FI) market, market watchers had expected bearish sentiment to persist in the short term –thereby recommending a cautious trading strategy.

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By Ignatius Chukwu • February 23, 2021

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.