High cost of sales and finance costs have been the bane of manufacturing in Nigeria
Amid insignificant buy interests in few banking and insurance counters, the Nigerian equities market closed in the negative territory on Tuesday, no thanks to consumer goods, oil & gas, and industrial stocks. Seventeen (17) stocks declined as against 15 advancers.
The benchmark performance index of Nigerian Exchange (NGX) Limited decreased further by 0.29percent at the close of trading.
The record decline supported the market’s negative return this year, now at -4.14percent. This week, the market has decreased by 0.68percent while this month it has dipped by 1.14percent.
At the close of trading session on the Nigerian Bourse, the All Share Index (ASI) decreased from day open high of 38,712.55 points to 38,601.83 points on April 13.
“As investors continue to observe the Nigerian market ahead of key earnings publications and economic growth indicators, we foresee further mixed activity”, said Lagos-based Vetiva research analysts, who also expect profit taking and cherry picking to be the main drivers of price movements in the coming sessions.
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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.
