Nigeria’s equities market closed flat on Wednesday, June 29 despite analysts’ expectation that it will record renewed bargain hunting as investors look forward to the first-half (H1) 2022 earnings season.

Month-to-date (MtD), the market has decreased by 2.24percent while week-to-date (WtD) it has advanced by 0.19percent.

At the close of trading on Wednesday, GlaxoSmithKline Consumer Nigeria Plc recorded the highest gain on the Bourse after rising by 30kobo or 4.84percent, from N6.20 to N6.50; followed by Fidelity Bank Plc which increased by 16kobo or 4.88percent, from N3.28 to N3.44.

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Also, NPF Microfinance Bank which increased from N1.65 to N1.77, adding 12kobo or 7.27percent; Ikeja Hotel increased by 11kobo or 10percent, from N1.10 to N1.21; while Royal Exchange moved up from 96kobo to N1.03, adding 7kobo or 7.29percent. University Press led the league of decliners after its share price dropped from N2.60 to N2.35, losing 25kobo or 9.62percent; followed by Cutix which was down from N2.40 to N2.25, shedding 15kobo or 6.25percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation closed flat on Wednesday to 51,802.48 points and N27.927trillion respectively as against 51,803.98 points and N27.928trillion on Tuesday. The market’s year-to-date (ytd) return remained positive at 21.27percent.

Mutual Benefits, GTCO, UBA, FBN Holdings and Access Holdings were most traded stocks on the Nigerian Exchange Limited on Wednesday. In 4,466 deals, investors exchanged 416,469,572 units valued at N3.458billion.

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By Iheanyi Nwachukwu • June 30, 2022

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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