Nigeria’s equities market opened the new week in red (-0.46percent) as counters like Industrial & Medical Gases Nigeria Plc (IMG), Skyway Aviation Handling Company Plc and Ellah Lakes Plc topped the league of laggards at the close of trading on Monday August 8. Investors booked about N126billion loss at the close of trading.

“We expect the impact of the increased benchmark lending rate on equity markets to continue to take effect, returning to a bear market. Investors are expected to continue cherry-picking stocks with solid underlying fundamentals,” said equity research analysts at Lagos-based United Capital Plc in their August 8 note to investors.

Read also: Naira up despite 10.95% drop in liquidity at official market

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IMG dipped most by 90kobo or 9.84percent, from N9.15 to N8.25; followed by Skyway Aviation which dropped from N6.25 to N5.65, after shedding 60kobo or 9.60percent and Ellah Lakes which also dipped from N3.96 to N3.58, down by 38kobo or 9.60percent.

Caverton Offshore Support Group Plc also made the top decliners league after its share price dropped from a high of N1.17 to N1.09, shedding 8kobo or 6.84percent.

The record negative on Monday has lowered the market’s positive return year-to-date (YtD) to 18.20percent. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from preceding trading day’s highs of 50,722.33 points and N27.358trillion respectively to 50,489.73 points and N27.232trillion. In 4,234 deals, investors exchanged 207,195,714 shares valued at N2.119billion.

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By Iheanyi Nwachukwu • August 8, 2022

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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