Market drops by 0.42% as investors sell United Capital, GSK, others

For the third time this week, equities trading on the Nigerian bourse closed in red zone as investors sold mostly the shares of United Capital, GSK, University Press, Neimeth and Oando. Increased activities on the sell-side of the Bourse pushed further south the market’s benchmark performance index by 0.42percent. Investors also lost N127billion on Wednesday.

United Capital decreased most, from N12.90 to N11.70, after losing N1.20 or 9.30percent. It was followed by GSK which dropped from N6.70 to N6.20, losing 50kobo or 7.46percent; and University Press which was also down, from N2 to N1.85, losing 15kobo or 7.50percent.

Market drops further by 1.04% as bearish run persists on NGX

By Iheanyi Nwachukwu • March 16, 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.