Nigeria’s equities market closed relatively flat on Tuesday as earlier sell pressure failed to outweigh last minute activities of bargain hunters. Stocks like FBN Holdings, GTCO, Universal Insurance, UBA and Transcorp were actively traded on the Nigerian Exchange Limited (NGX).

The market has remained in green zone since last week Wednesday amid investors increased interest in banking, industrial and oil & gas stocks. The consecutive sessions of gains, according to some analysts could usher in profit taking activities.

Defying this expectation, the bulls still retained their position (though on a softer note), making the Nigerian equities market not to book its first dip after a four-day rally. This month, the market has increased by 3.96percent while week-to-date (WtD), it is up by 0.12 percent.

Investors on Tuesday raised further bet in banking, consumer goods, industrial and insurance stocks.

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While International Breweries Plc led the league of advancers on Tuesday, October 26, after its share price moved from N4.85 to N5.30, up 45kobo or 9.28 percent, that of NGX Group led the laggards, after decreasing from N20.60 to N19.65, down by 95kobo or 4.61percent.

At the close of Tuesday’s trading session, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities Market Capitalisation stayed flat from preceding day’s lows of 41,814.74 points and N21.821trillion respectively to 41,814.94 points and N21.821trillion.

The market’s record year-to-date (YtD) positive return stood at +3.83percent at the close of trading session on Tuesday. In 5,322 deals, investors exchanged 353,233,206 units valued at N5.569billion.

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By Iheanyi Nwachukwu • October 27, 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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