Investors’ unwillingness to strategically position in Nigeria’s equities, particularly those expected to deliver impressive half-year (H1) result impacted negatively on the performance of the market in the trading week ended Friday, July 16.

The market decreased by 0.12 percent while investors lost about N25billion. This was caused by mixed trading sessions which saw more losses than gains on the Bourse in the review week.

Some investors continued to cherry-pick attractive counters in the week under review, while others chose to sell down their holdings for profit following previous gains.

Read also: Nigeria equities gain N8bn as investors buy Capital Hotels, Total, others

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Except the Banking (+0.09percent) and Oil & Gas (+1.81percent) sectoral indices, other key sectoral indices of the Nigerian Exchange Limited (NGX) closed the review week in red. NGX Consumer Goods Index (-0.85percent), NGX Industrial Index (-0.30percent), NGX Insurance (-1.07percent), NGX Pension (-0.33percent).

The record negative returns from Nigeria’s equities market seen year-to-date (YtD) stood at -5.77percent on Friday.

The Nigerian Exchange Limited All-Share Index (ASI) and Market Capitalisation which opened the review trading week at 37,994.19 points and N19.796 trillion respectively closed the week at 37,947.18 points and N19.771trillion.

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By Iheanyi Nwachukwu • July 18, 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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