Stock trading on the Nigerian Exchange Limited (NGX) opened this week on a negative note by 0.71percent despite record rally in shares of newly listed NGX Group Plc which reached new high of N19.50 at the close of trading on Monday, October 18.

Market watchers had expected last week’s rally to continue this week as investors anticipate a strong third-quarter (Q3) earnings season.

Rather defying this expectation, investors lost about N153billion at the close of trading session on Monday, no thanks to May & Baker Nigeria Plc which led the laggards’ league after its share price decreased from N4.74 to N4.36, down by 38kobo or 8.02percent.

The record dip at the beginning of the week’s trading pushed the equities market’s positive return year-to-date (YtD) lower to +2.17percent.

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Read also: Nigeria’s equities market advances further by 0.19%

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation depreciated from week-open highs of 41,438.15 points and N21.624trillion to 41,144.67 points and N21.471trillion.

Other top laggards are: Royal Exchange which decreased from 64kobo to 59kobo, losing 5kobo or 7.81percent; NPF Microfinance Bank which decreased from N1.85 to N1.71, down by 14kobo or 7.57percent; FBN Holding dropped from a high of N12.70 to N11.75, shedding 95kobo or 7.48percent, while Mutual Benefit dipped from 30kobo to 28kobo, losing 2kobo or 6.67percent.

In 5,866 deals, investors exchanged 338,719,247 shares valued at N4.058billion. FBN Holdings, Access Bank, Transcorp, GTCO and Fidelity Bank were the most traded stocks on the Bourse.

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By Iheanyi Nwachukwu • October 19, 2021

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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