Stock market opens week on a negative note

Nigeria’s equities market opened this new trading week on a negative note, as investors still in their holiday mood approached the market for profit after last week’s rally.

The market decreased by 0.08 percent on Wednesday while its year-to-date (YtD) return lowered to 33.53 percent.

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Despite increased buy-side activities in banking, and oil & gas stock, profit taking in insurance and consumer goods stocks still dipped the market.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from preceding trading day’s highs of 99,925.29 points and N56.526trillion respectively to 99,842.19 points and N56.478trillion.

In 9,899 deals, investors exchanged 1,383,477,941 shares worth N16.484billion.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. 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).

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