Nigeria’s equities market erases previous day’s gain

Oando, RT Briscoe, FTN Cocoa push NGX-ASI further south by 0.34%

In line with some analysts’ views, Nigeria’s equities market on Tuesday turned negative, thereby almost erasing record week-open gains.

Industrial and Insurance stocks which were on offer led the market to negative close on Tuesday March 30, while Banking and Consumer goods counters recored improved bargains.

The All Share Index (ASI) and market capitalisation moved down from Monday’s highs of 39,493.37 points and N20.663trillion to 39,267.11 points and N20.544trillion respectively.

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The market has risen insignificantly by 0.13percent this week-to-date (WtD). This year, the market’s negative return has stood at -2.49percent.

In 4,394 deals, stock investors exchanged 336,125,706 units valued at N3.268billion. Union Bank, Courteville, GTBank, Zenith and Transcorp were most traded stocks.

The value of listed equities on the Nigerian Exchange (NGX) Limited decreased by N119billion, while the benchmark performance indicator of the Bourse dipped by 0.57percent.

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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