Stocks trading on the Nigerian Exchange Limited (NGX) closed in the red zone on Wednesday, down by 0.10percent or N28billion as investors sold mostly penny stocks.

Top on the laggards list are stocks like Cutix, FTN Cocoa, Chams, Coronation Insurance, and AIICO Insurance.

The stock market of Africa’s largest economy has decreased this week by 0.24 percent and this month by 0.52percent. The market’s positive return year-to-date (YtD) has decreased to 16.06percent.

“Outside of the structured deals, market activity remained low as investors stay on the side-lines given the current macro-economic conditions,” said analysts at Lagos-based Vetiva.

The analysts expect the market to see another bearish close on Thursday except there is any significant positive close in any of the heavyweights.

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Read also: Nigeria’s Senate hails SEC on financial management

The All-Share Index (ASI) and market capitalisation decreased to 49,575.93 points and N26.740trillion respectively as against preceding day’s 49,627.72 points and N26.768trillion.

In 3,462 deals, investors exchanged 197,457,773 shares valued at N2.942billion.

Cutix topped the laggards league after its share price decreased from N2.26 to N2.15, down by 11kobo or 4.87percent, followed by FTN Cocoa which decreased from 32kobo to 29kobo, shedding 3kobo or 9.38percent.

Also, Chams dipped from 33kobo to 30kobo, losing 3kobo or 9.09percent, while Coronation Insurance was down, from 38kobo to 36kobo, shedding 2kobo or 5.26percent. AIICO Insurance decreased from 57kobo to 55kobo, losing 2kobo or 3.51percent.

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By Modestus Anaesoronye • September 14, 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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