Stock market ends week on positive note

Nigerian equities market ended the last trading session of the week on a positive note, recording an increase of 0.83percent on Friday June 26.

The market halted its six consecutive sessions of capital depreciation, driven by gains in stocks like Airtel Africa Plc, Nestle Nigeria Plc, UACN Plc and ETI Plc.

Increased bargains in favour these stocks helped to reroute the benchmark performance indicator which ended the trading week on a positive note, after rising by +0.01 percent week-on-week (WoW).

Record dip in shares of Dangote Cement Plc which led the laggards could not reverse the trend.

The stock market has been pressured lately as fear of second wave of Covid-19 pandemic takes a toll on investors’ confidence. This was evidenced in four out of the five trading sessions of the review trading week which closed on a negative note.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased to close at 24,828.96 points. The market’s negative return year-to-date (YtD) stood lower at -7.50percent. The value of listed stocks increased to N12.952trillion.

Market watchers expect the market to start the new week on a positive note, amidst portfolio re-balancing for second quarter (Q2) by portfolio/fund managers.

ASHON to harmonise members’ trading on FMDQ, NASD, LCFE

By Iheanyi Nwachukwu • June 26, 2020

Iheanyi Nwachukwu

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.