Stock market down by 0.34% as week opens

Nigeria’s equities market opened this week in red as persisting bearish sentiment on the bourse pushed its performance indicator down by 0.34percent or N82billion on Monday.

“We expect the local equities market to remain in a lull going forward. Positive drivers to catalyse investor interest in the equities market are far and few,” Lagos-based United Capital said in their November 14 note to investors.

They noted that “elevated money market rates, pre-election jitters and dwindling corporate performance will likely keep investors’ interest at bay”.

Stocks like Africa Prudential and SCOA led the league of decliners on the Nigerian Exchange Limited (NGX). Africa Prudential dropped from N5.35 to N5.10, down by 25kobo or 4.67percent; followed by SCOA which decreased from N1.75 to N1.58, shedding 17kobo or 9.71percent.

Here’s how FMDQ Exchange markets performed in September

By Iheanyi Nwachukwu • November 15, 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.