Nigeria’s equities market decreased by 0.70percent or N189billion in the trading week that ended Friday, September 9 as more investors sold banking, industrial and oil & gas stocks despite bargains in consumer goods and insurance stocks.

In the review trading week, the market recorded three days of negative closes as against just two days of gains.

The market closed the week in red despite that earnings reports and interim dividend announcements remained key drivers in banking sector deals.

Read also: NGX says committed to solving national problems through capital market initiatives

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Month-to-date (MtD) the market has decreased by 0.28percent. The month had started off on a positive note.

The market’s All-Share Index (ASI) and capitalisation decreased from preceding weekend’s highs of 50,045.83 points and
N26.993trillion respectively to 49,695.12 points and N26.804trillion.

The NGX-30 index which measures the performance of thirty most capitalised stocks on Exchange decreased by 0.68percent in the review trading week; while NGX Consumer Goods Index rose by 0.72 percent.

Others are: NGX Industrial Index (- 0.01 percent); NGX Banking Index ( -0.60 percent); NGX Oil and Gas Index (- 0.11 percent); and NGX Insurance Index (+1.04percent).

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By Iheanyi Nwachukwu • September 11, 2022

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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