Market dips by 0.48% as bears resume activities on Nigerian Exchange

Expectedly, the bears on Tuesday resumed activities across counters at the Nigerian Exchange Limited (NGX) as investors booked profits from recent rally.

Stocks like Champion Breweries, NEM Insurance, Chellaram and Honeywell Flour Mills helped fuel the first dip this week.

Champion Breweries led the laggards after its share price moved down from N4.80 to N4.34, losing 46kobo or 9.58 percent. It was followed by NEM Insurance which dropped from a high of
N4.50 to N4.05, losing 45kobo or 10percent.

The market decreased by 0.48 percent or N139 billion, thereby moderating the positive return year-to-date (YtD) to 0.38 percent.

Lagos-based Vetiva research analysts had on Monday anticipated a bearish close on Tuesday, “as investors continue to take profit.”

Stocks gain N154bn on increased buy activities

By Iheanyi Nwachukwu • January 11, 2023

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.