Penny stocks cause market to see first gain this week -

Nigeria’s equities market recorded its first gain this week, rising by 0.04percent or N9billion at the close of Wednesday’s trading session.

As sell down in large cap names continued to dampen market performance year-to-date (YtD), the market expectedly saw slight bargain hunting activities in favour of penny stocks.

Investors were seen buying penny stocks like Unity Bank, Linkage Assurance, Royal Exchange, Chams and Mutual Benefit. Royal Exchange led other gainers after rising from 82kobo to 88kobo, up 6kobo or 7.32percent. It was followed by Unity Bank which increased from 44kobo to 48kobo, adding 4kobo or 9.09percent.

Naira gains 16.09% in 3days as demand slows

By Hope Moses-Ashike • November 10, 2022

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.