Nigeria’s stock market on Tuesday furthered its journey into the negative territory, declining by 0.21percent as investors weak sentiment continued to impact the market.

Investors in equities booked about N50billion loss on the first trading day in the month of November.

The record negative on the Bourse was driven majorly by stocks like Seplat Energy, Julius Berger and UACN.

Seplat decreased most by N100, from N1,200 to N1,100, down by 8.33percent. It was followed by Julius Berger which dropped from N25.90 to N23.45, after shedding N2.45 or 9.46percent; and UACN which dipped from a high of N8.95 to N8.40, losing 55kobo or 6.15percent.

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“The flurry of nine months (9M) 2022 earnings releases has been largely positive. However, investors reactions to the released earnings have been lacklustre. Overall, we expect the market to close in the negative zone,” according to research analysts at Lagos-based Meristem.

At the close of trading session on Tuesday November 1, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and its market capitalisation depreciated from 43,839.08 points and N23.877trillion respectively to 43,745.73 points and N23.827trillion.

The stock market’s positive return year-to-date (YtD) also decreased to 2.41percent.

Access Holdings, Sterling Bank, Transcorp, UBA and Zenith Bank were the top-5 traded stock. In 4,110 deals, investors exchanged 172,866,016 shares valued at N4.014billion.

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By Iheanyi Nwachukwu • November 2, 2022

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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