Nigeria’s stock market opens week in red

Nigeria’s equities market opened the new trading week slightly in the red zone (-0.04percent) as investors expectedly take profit on some counters that gained in the past weeks.

As buy-side activities failed to match that of the sell-side on the Nigerian Bourse, equities investors booked about N10billion loss.

The record loss on Monday August 16 has pushed this year’s negative return to a new high of -1.89percent.

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Stocks like ABC Transport Plc (-8.33percent), LASACO (-6.67percent), Livestock Feeds (-4.81percent), Fidelity Bank (-4.80 percent) and Champion Breweries (-4.55 percent) were topmost on the offer table.

The Nigerian Exchange Limited (NGX) All-Share Index and Market Capitalisation depreciated from week-open lows of 39,522.34 points and N20.592 trillion to 39,505.4 points and N20.582trillion.

Investors in 3,393 deals exchanged 141,282,273 shares valued at N1.635billion. E-Tranzact, Fidelity Bank, Transnational Corporation, CHI Plc and Access Bank were most traded stocks Monday on the NGX.

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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