Stock market of Africa’s largest economy continues its southward movement on Thursday as bearish sentiment persists on the Nigerian Exchange Limited (NGX). Week-to-date (WtD), the market has decreased by 0.21percent while this month it has increased by 2.59percent.

Counters like MRS, Ecobank, CHI and Unity Bank dominated sell-side activities on the Bourse. At the close of trading session on Thursday, the market’s negative close pushed lower the year-to-date (YtD) positive return to +7.05percent.

The NGX All Share Index (ASI) decreased from preceding day’s high of 43,245.02 points to 43,108.77 points while equities market capitalisation decreased from N22.565trillion recorded on Wednesday to N22.494trillion, losing N71billion.

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MRS led the losers’ league after its share price decreased from a high of N15.20 to N13.70, shedding N1.50 or 9.87percent, while Honeywell Flour Mills advanced most, from N3.69 to N4.05, adding 36kobo or 9.76percent.

Other laggards are: ETI which dipped from N8.75 to N8, losing 75kobo or 8.57percent; while CHI Plc decreased from 62kobo to 57kobo, down by 5kobo or 8.06percent.

Honeywell Flour Mills, GTCO, Zenith Bank, Transcorp and Access Bank were most traded stocks on Thursday at the NGX. In 3,905 deals, equity traders exchanged 266,115,101 units valued at N4.216billion.

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By Iheanyi Nwachukwu • November 26, 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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