Investors lose N24bn as Nigeria's stock market closes in red

Nigeria’s stock market closed southwards on Tuesday July 27 as investors expectedly moved to take profit after recent gains.

At the close of trading, the market recorded 20 gainers led by Oando Plc (+43kobo or 9.86percent) as against 21 losers led by UPDC REIT (-40kobo or 6.67percent).

The market had recorded remarkable gains in previous trading sessions as investors positioned ahead of interim dividend. Many investors moved into the Bourse to cherry pick value stocks across different sectors, particularly those known for paying interim dividends.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased on Tuesday by 0.12percent or N24billion from 38,849.08 points and N20.240trillion respectively to 38,802.15 points and N20.216trillion.

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By Iheanyi Nwachukwu • July 27, 2021

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.