Nigeria equities market rerouted to the red zone on Thursday, January 27, declining by 1.12 percent or N281billion as investors moved to take profit on value counters like Dangote Cement Plc, Ardova Plc, NEM Insurance Plc and Oando Plc.

The record negative close pushed lower the market’s positive return year-to-date (YtD) to +7.71percent.

At the close of trading session on Thursday, the market’s performance indicators –the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and market capitalisation – decreased from preceding day lows of 46,529.99 points and N25.073 trillion respectively to 46,009.23 points and N24.792trillion.

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The NGX ASI new low has pushed the week-to-date (WtD) return high to +0.11percent.

NEM Insurance Plc share price dipped most, from N3.50 to N3.20, down by 8.6 percent, followed by Dangote Cement Plc which decreased by 8.5percent, from N284.90 to N260.60.

Other stocks that caused the market’s new low are Ardova Plc which dropped by 5 percent, from N13.10 to N12.45; May & Baker Plc which dropped from N4.50 to N4.30, down by 4.4 percent and Oando Plc,l which dipped from N 4.70 to N4.60, shedding 2.1percent of its day-open value.

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By Iheanyi Nwachukwu • January 28, 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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