Market furthers southward movement as PZ, UACN, Sterling lead laggards

In the absence of catalysts that are capable of spurring aggressive buy-side activity on the Nigerian Exchange Limited (NGX), the stock market recorded another red close on Wednesday.

For the third time this week, PZ Cussons made top laggards list after its share price dropped from N22.50 to N20.25, down by N2.25 or 10percent.

It was followed by UACN which decreased from N14.85 to N13.40, after losing N1.45 or 9.76 percent, and Sterling Financial Holdings Company which was also down from preceding day’s high of N4.45 to N4.01, losing 44kobo or 9.89percent.

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By Iheanyi Nwachukwu • May 16, 2024

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.