Nigeria’s equities market closed in red ( – 0 . 2 6 p e rcent) on Wednesday as investors moved to take profit following six consecutive sessions of gains.

Topmost among the stocks that were on offer include Nigerian Breweries Plc, Chemical and Allied Products Plc, Gtbank Plc, and Northern Nigeria Flour Mills Plc.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased to 35,056.82 points from 35,147.62 points the preceding trading day while the value of listed stocks decreased from N18.364 trillion to N18.322trillion, down by N42billion.

The market’s positive return year-to-date (YTD) dipped to +30.60 percent at the close of trading session on Wednesday December 2.

In 4,598 deals, investors exchanged 368,966,347 units valued at N5.490billion. Access Bank, FBN Holdings, Zenith Bank, Gtbankn and Dangote Sugar Refinery were actively traded.

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“With most bellwether stocks closing the last few sessions higher, the domestic bourse saw a bit of profit taking today (on Wednesday), as investors took advantage of recent gains across sectors.

“We expect a mixed trading pattern tomorrow (Thursday), with continued profit taking in some tickers while some investors are expected to start taking positions in some fundamentally sound stocks due to recent prices”, Lagos-based Vetiva research analysts said in their December 2 note.

Shares of Nigerian Breweries Plc dipped most on the Bourse, from N60.25 to N56, losing N4.25 or 7.05percent, followed by Chemical and Allied Products Plc which declined from N21.5 to N20, losing N1.5 or 6.98percent, while Gtbank declined from N35 to N34.1, down by 90kobo or 2.57percent.

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By Iheanyi Nwachukwu • December 3, 2020

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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