In the trading week ended Friday August 27, investors in Nigeria’s stock market booked gain of just N1billion, while the market’s benchmark performance indicator also printed slightly high by 0.01percent when compared to the preceding trading week.

In the review week, the stock market of Africa’s largest economy saw mixed trading sessions as investors continued to favour small-to-mid cap names amid persistent lukewarm activity levels.

Banking, insurance, oil/gas sector stocks helped push the market to record positive close while consumer goods and industrial stocks were major laggards.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its Market Capitalisation which had opened the review week at 39,483.08 points and N20.571trillion respectively increased to 39,485.65 points and N20.572trillion at the close of the week’s trading.

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The market’s negative return year-to-date (YtD) stood at -1.95percent at close of the week’s trading session. In this month of August alone, Nigeria’s equities market has risen by 2.43 percent.

Many analysts had expected improved buy activity in the banking counters as investors await their audited half-year (H1) results. The earliest bird – Zenith Bank Plc berthed the market with its audited financial statement, proposing to pay investors 30kobo dividend.

Despite the bank’s flattened gross earnings by 0.15percent year-on-year (yoy), profit before tax (PBT) grew by 2.6percent year-on-year while profit after tax (PAT) increase by 2.21percent.

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By Iheanyi Nwachukwu • August 30, 2021

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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