Equities shed N138bn in week ended July 8

In the trading week ended July 8, Nigeria’s equities market decreased by 0.53percent amid profit taking activities on the Bourse.

Week-on-week (WoW), the market posted loss of N138billion amid four (4) trading sessions of losses as against just one (1) day gain.

The market’s performance indicators – the All Share Index (ASI) and market capitalisation decreased to 51,557.41 points and N27.803trillion respectively as against preceding weekend when they stood at 51,829.67 points and N27.941trillion.

The review week’s loss was driven by record profit taking in all key sectors – banking, consumer goods, industrial, insurance and oil & gas.

Beat in brief: Companies, markets, and economy

By Favour Ashinze • July 9, 2022

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.