After a negative take-off this week, Nigeria’s equities market turned positive on Tuesday, rising by 0.67percent or N192billion as investors bought among others counters like MRS, Chellaram, and UPDC REIT.

The market’s benchmark performance indicators – the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased from 52,348.82 points and N28.512trillion respectively to 52,701.31 points and N28.704trillion.

“Looking forward, our broad-based expectation for the equities market is bright in first-quarter (Q1) 2023 as we expect the yield environment to remain depressed due to excess maturities.

Read also: Here’re Nigeria’s best-performing stocks in 2022

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“However, we note that there might be pockets of bearish sentiments across the market as investors book profits from extended rallies,” said United Capital research analysts in their January 17 note to investors.

The share price of MRS increased most on Tuesday, from N14.10 to N15.50, adding N1.40 or 9.93percent. It was followed by Chellaram which increased from N1.21 to N1.33, after adding 12kobo or 9.92percent; UPDC REIT which rose from N3 to N3.30, up by 30kobo or 10percent.

Sterling Bank, Chams, GTCO, Zenith Bank and Royal Exchange were top-5 traded stocks on Tuesday as investors in 3,681 deals exchanged 228,487,278 units valued at N4.443billion.

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By Iheanyi Nwachukwu • January 18, 2023

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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