Nigeria's equities market starts new week on negative note

Given the market reaction to a more hawkish Fed, global equities certainly remain highly sensitive to increased rate hike expectations.

The stock market of Africa’s largest economy started this new week on a negative note as investors, still in their bearish mood, moved further to take profit on some stocks.

Topmost on the list of counters mostly offered for sale are Africa Prudential (-9.59percent), Lasaco Assurance (-9.52percent), Niger Insurance (-8.70percent), Lafarge Africa (-8percent) and RedStar (-7.42percent).

Equity investors’ sentiment at the local bourse remains weak as buyers continue to adopt a cautious strategy giving room for more sellers on Custom Street.

“Unlike the past week, where the market was muted in terms of corporate action, we expect an influx of corporate disclosures of full-year 2020 numbers this week. We expect earnings and bargain hunting in oversold stocks to make a case for the equities”, United Capital research analysts said.

FCMB, Stanbic lead biggest banks stock return in 5yrs

By Mercy Ayodele • February 22, 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.