Industrial, banking stocks dip market by 0.95% in one week

Nigeria’s equities market decreased by 0.95 percent in the holiday-shortened trading week to Friday, October 4.

Investors lost about N539billion in the review week as bearish momentum which affected select segments continued at the local bourse.

The market’s record dip was made possible by investors who sold mostly industrial and banking stocks despite rally in oil & gas, insurance and consumer goods stocks.

The NGX Industrial Index decreased most by 6.84 percent, followed by NGX Banking Index which depreciated by 0.74 percent.

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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.