Nigeria stock market sheds N12bn as investors sell for profit

The record positive close on Tuesday helped push up the stock market's record positive return year-to-date (YtD) to 11.16 percent.

Nigeria’s equities investors lost about N12billion on Wednesday, November 10 as sell-side pressure on the Bourse weighed on prices of many counters.

No thanks to Red Star and Pharma Deko stocks which fueled most the 0.05 percent movement southwards.

The market had before now rallied on the positive sentiment in the telcoms space as investors cheered approvals for MTNN and Airtel Africa’s mobile money businesses.

On Wednesday, the share price of Red Star dipped most from N3.65 to N3.29, down by 36kobo or 9.86percent. It was followed by that of Pharma Deko which decreased from preceding day high of N2.34 to N2.11, down by 23kobo or 9.83percent.

The stock market’s year-to-date (ytd) positive return decreased to +8.53 percent.

At the close of trading session on Wednesday, the NGX All Share Index (ASI) and Market Capitalisation decreased from Tuesday’s highs of 43,730.55 points and N22.821trillion respectively 43,707.3 points and N22.809trillion.

Flour Mills of Nigeria Plc, Transcorp Plc, FBN Holdings Plc, ETI Plc and GTCO Plc were actively traded stocks on the Bourse. In 3,861 deals, investors exchanged 270,701,973 shares valued at N5.627billion.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. 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).

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