The sessions of mixed trading seen this week signposts the inability of the bulls to take full control of activities in Nigeria’s equities market.

Following a positive close on Wednesday, the stock market activity as anticipated closed slightly in red zone (-0.01percent) showing that investors are still unwilling to continue bargain hunting ahead of first half (H1) earnings release.

This week, the market has decreased by 0.34 percent while the negative return year-to-date (YtD) stood at -5.97 percent. Month-to-date (MtD), Nigeria’s equities market has decreased by 0.11 percent.

Read also: Nigeria equities gain N8bn as investors buy Capital Hotels, Total, others

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Topmost on the laggards list on Thursday July 15 is Ikeja Hotel Plc which dropped from N1.40 to N1.27, losing 13kobo or 9.29percent. It was followed by that of UPDC which also decreased from day-open high of N1.43 to N1.30, losing 13kobo.

The Nigerian Exchange Limited (NGX) All Share Index and Market Capitalisation which stood at 37,872.55 points and N19.732trillion respectively the preceding trading day closed lower at 37,866.9 points and N19.729trillion.

Investors lost about N3billion at the close of trading session on Thursday. In 3,038 deals investors exchanged 159,996,570 shares valued at N927.858million.

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By Iheanyi Nwachukwu • July 16, 2021

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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