Bears are seemingly controlling activities in Nigeria’s stock market. This is evidenced in the record consecutive negative closes in three out of the four-day trading week.

The record negative trading sessions on the Bourse led to about N377billion value loss by investors in stocks.

The shortened trading week opened with listed equities valued at N20.847trillion but consistent sell off in major counters without corresponding demand impacted negatively on equities prices Equities value dipped to N20.470trillion at the close of trading session on Thursday May 6.

Also, the Nigerian Exchange (NGX) Limited All Share Index (ASI) decreased to 39,114.73points from week open high of 39,834.42 points.

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The ASI decreased by 0.81 percent on Thursday. This week it has dropped by 1.82 percent, while this year, the market has decreased by 2.87 percent.

In 4,342 deals, investors exchanged 403,511,692 units valued at N4.809billion.

BOC Gas Plc led the decliners after its share price moved from N13.61 to N12.25, losing N1.36 or 9.99 percent, while Courtevile gained most, after moving from 20kobo to 22kobo, adding 2kobo or 10 percent.

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By Iheanyi Nwachukwu • May 6, 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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