Nigeria’s equities market extended its profit taking activities on Monday as investors sold stocks like Airtel Africa Plc and NCR Plc which powered the negative close on the Bourse.

Airtel Africa share price dipped most, from N1548.70 to N1420, losing N128.70 or 8.31percent, followed by that of NCR which dropped from N2.35 to N2.12, losing 23kobo or 9.79percent.

The market’s benchmark performance indicator dropped by 2.08percent while listed equities value decreased by N622billion.Also, its year-to-date (YTD) positive return decreased to +4.88percent on Monday. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities Market Capitalisation depreciated from preceding day’s 54,892.53 points and N29.903trillion respectively to 53,750.77 points and N29.281trillion.

Read also: Here’re how FMDQ Securities Exchange markets performed in February

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“Looking ahead, we expect risk-on sentiments to be sustained in the equities markets even as the depressed interest rate environment will continue to favour the local bourse in line with our expectations for Q1-2023.

“Taking positions in stocks with solid valuations and dividend yields ahead of the dividend-paying season remains the choice strategy. However, we see room for extended profit-taking activities,” according to United Capital research analysts in their March 27 note.

GTCO, Zenith Bank, UBA, MTNN, and FBN Holdings were actively traded stocks on the NGX where investors in 3,279 deals exchanged 100,882,822 shares valued at N4.342billion.

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By Iheanyi Nwachukwu • March 28, 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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