Wema, Fidelity, Stanbic, others push stock market to new low

Nigeria’s equities market decreased further on Thursday by 2.03 percent or N707 billion as investors continued to take profit on recent gainers, especially banking stocks.

Investors were seen selling stocks like Stanbic IBTC Holdings, Fidelity Bank, and Wema Bank. These stocks led the market’s league of laggards.

Wema Bank dropped the most, from N5 to N4.50, shedding 50kobo or 10 percent. Fidelity Bank also dropped from N7.90 to N7.11, losing 79kobo or 10 percent, while Stanbic IBTC Holdings share price lowered from N68 to N61.20, losing N6.80 or 10 percent.

Equities market decreases by 0.75% in week ended July 14

By Iheanyi Nwachukwu • July 14, 2023

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.