Nigeria’s equities market closed flat on Tuesday, July 13 after negative take-off to this week as investors saw the need to reconsider buy position on Custom Street, Lagos ahead of companies releasing their first-half (H1) financials.

Market watchers had expected mixed activity level in Tuesday’s trading session as some investors see need to cherry-pick attractive stocks, while others sell down previous gainers amid expectations of half-year (H1) earnings release.

The NGX All Share Index and Market Capitalisation stood at 37,857.24 points and N19.724trillion respectively.

In 3,567 deals, investors exchanged 197,279,568 units valued at N1.920trillion. Shares of Wema Bank, Guaranty Trust Holding Company, UPDC, Fidelity Bank, and United Bank for Africa Plc were most traded on the Nigerian Exchange Limited (NGX).

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The stock market’s negative return this year remained at -5.99percent, while this week and this month it has decreased by 0.36 percent and 0.13 percent respectively.

NCR topped on the gainers list, after rising from N2.49 to N2.73, up by 24kobo or 9.64percent, while on the laggards list, Ikeja Hotel led others after dipping from N1.54 to N1.40, losing 14kobo or 9.09percent.

“We expect the domestic equities market to post positive performance as investors anticipate good result from the H1:2021 earnings results”, Afrinvest research analysts had said in their July 12 note.

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By Iheanyi Nwachukwu • July 13, 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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