Investors in Nigeria’s equities market lost about N158billion on Wednesday, the second trading day this week after the public holidays.
The market failed to sustain previous day’s rally after investors sold stocks likes Wema Bank and Ikeja Hotel.
The market’s All-Share Index (ASI) and equities capitalisation decreased from preceding day’s highs of 66,770.97 point and N36.544trillion to 66,482.28 points and N36.386trillion.
Read also: Stocks rally ahead of Q3 earnings season
Wema Bank led the league of laggards after its share price lowered from N4.70 to N4.23, losing 47kobo or 10percent, while Ikeja Hotel dropped from a high of N3.50 to N3.15, losing 35kobo or 10percent.
The Nigerian Bourse negative close by 0.43 percent on Wednesday pushed lower this year’s return to +29.72 percent.
Universal Insurance, Fidelity Bank, CHI, GTCO and Wema Bank were actively traded stocks as investors in 6,646 deals exchanged 657,515,274 shares valued at N4.597billion.
Get Newsletter Updates
Enjoying our column?
Subscribe to our specialised **Tax 360** feed to receive fresh reports and analyses directly in your inbox.
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.
