Stock market journeys further into negative region

Nigeria’s stock market on Tuesday May 18 furthered its voyage into the negative territory, decreasing by 0.72 percent at the close of trading. The record negative close reinforced the market’s negative return year-to-date (YtD) now at -3.10percent.

No thanks to Portland Paints Plc which led the laggards after its share price decreased from N2.74 to N2.47, losing 27kobo or 9.85percent, followed by Champion Breweries Plc which decreased from N2.17 to N1.96, after shedding 21kobo or 9.68percent.

Among all sectoral indices, the Industrial Index recorded the highest decline (-2.57percent), followed by Insurance Index (-1.09percent) and Consumer Goods Index (-0.05percent), while Oil & Gas Index closed positive (+0.26percent), and Banking Index (+0.03percent).

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By Iheanyi Nwachukwu • May 18, 2021

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.