Investors booked about N284billion loss on Tuesday as Nigeria’s equities market decreased by 0.44 percent.

Major laggards like MRS, Red Star Express, Learn Africa, and Veritas Kapital contributed to the negative close recorded at the Lagos Bourse.

Investors who came to take profit in these stocks caused the market to defy analysts earlier expectation after a positive start to the week. This week, the market has risen by 0.35 percent.

“We expect investors to keep a close eye on corporate earnings releases for guidance on the market, as we anticipate another round of bullish trading in the market with the banks leading the way,” Vetiva Research analysts said ahead of Tuesday’s trading.

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MRS decreased from N180.90 to N162.90, losing N18 or 9.95 percent. Red Star Express also decreased from N5.05 to N4.55, losing 50kobo or 9.90percent, while Learn Africa dropped from N4.99 to N4.50, losing 49kobo or 9.82 percent.

Stocks like Access Holdings, Sterling, Zenith Bank, UBA and FCMB Group were actively traded as investors in 15,561 deals exchanged 542,229,692 shares worth N13.636billion.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation decreased from preceding day’s highs of 104,418.94 points and N64.440trillion respectively to 103,958.75 points and N64.156trillion. Despite the negative close on Tuesday, the market has risen this year by 1 percent.

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By Iheanyi Nwachukwu • January 29, 2025

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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