Nigeria’s stock investors lost about N58billion in the trading week ended Friday April 1. The review trading week recorded three (3) days of loss sessions as against two (2) days of gains. The market opened April on a negative note (-0.26percent).

With earnings season almost ended, market watchers expect further mixed sessions on the Bourse going into April despite bargain opportunities in cheap but value stocks.

The equities market capitalisation which opened this week at N25.311trillion decreased to N25.253trillion on Friday, April 1.

Read also: Investors gain N33bn as Nigeria stocks rally further

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The record negative close to review trading week was largely due to sell-off in banking as evidenced in the sector’s index which decreased most by 7.3 percent, oil & gas (-3.41percent), and consumer goods (-1.84percent).

Prior to this, market activity in March was largely dictated by corporate actions as investors took positions in dividend paying names despite some level of sell-offs in shares of companies with unimpressive earnings reports.

The equities market’s benchmark performance indicator – Nigerian Exchange Limited (NGX) –All Share Index (ASI) also decreased week-on-week (WoW) from week-open high of 46,964.23 points to 46,842.86 points as at Friday April 1. The record dip pushed market’s positive return year-to-date (YtD) to new low of 9.66percent.

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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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