Market dips by N114bn as profit taking continues

The Nigerian stock market on Tuesday January 15 recorded another session of profit taking activities by investors.

This resulted to a dip by 0.75percent and N114billion seen in the Nigerian Stock Exchange (NSE) All Share Index (ASI) and the Market Capitalisation respectively.

With most key indicators still pointing towards waning investor sentiment and profit-taking inclinations, market watchers expect the ASI to extend its decline into Thursday’s session.

MTNN stock price recorded the highest decline from N124.2 to N120.5, losing N3.7 or 2.98percent; BUA Cement followed after it dropped from N38.95 to N38, losing 95kobo or 2.44percent, while ETI followed after it decreased from N7.8 to N7.2, losing 60kobo or 7.69percent.

Beta Glass was rallied most, from N59 to N64.9, adding N5.9 or 10percent; followed by Forte Oil, which increased from N17.85 to N19, adding N1.15 or 6.44percent, and GlaxoSmithKline Consumer Nigeria which moved up from N5.6 to N6, adding 40kobo or 7.14percent.

At $15 billion, Aliko Dangote is worth more than 8 African countries

By Bala Augie • January 16, 2020

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.