Nigeria's stocks move further south

ock Nigeria’s stock market decreases further by 0.25 percent on Thursday, pushing the record positive return down to 23.70 percent.

At the close of trading session on Thursday June 2, the stock market’s performance indicators – All Share Index (ASI) and capitalisation came down to 52,840.14 points and N28.490trillion respectively, from preceding day high of 52,974.15 points and N28.558trillion.

The market’s weak performance was driven by losses in Airtel Africa (-0.06percent), Zenith Bank (-1.92percent), GTCO (-0.22percent) and FBN Holdings (-2.20percent).

Thursday’s market activities showed trade turnover settled higher relative to Wednesday’s session, with the value of transactions advancing by 12.20percent. Investors exchanged 274.43 million shares valued at N4.03billion in 5,011 deals.

“We are likely to see similar trade pattern filter into Friday’s session amid slight improvement in sectoral performance given the negative activities that has been recorded across board,” said analysts at Vetiva Securities.

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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