Nigeria’s equities lost N26bn in one week

Only in the month of May 2013, domestic investors controlled 51.32 percent of equity trading leaving 48.68 percent for foreign investors.

In the four-day trading week ended Friday April 9, investors in Nigeria’s equities market booked loss of about N26billion amid a mix of bargain hunting and bearish sentiment that characterised the market.

Despite closing in green (+0.17percent) on the last trading day of the review week, market watchers do not rule out the possibility of further profit-taking taking at the beginning of a new week.

Banking stocks were worse off in the review trading week as evidenced in the sell pressure which pushed the sectoral index lower by 2.25percent, followed by Insurance sector index which was down by 1.49 percent week-on-week.

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By Iheanyi Nwachukwu • April 12, 2021

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.