Stocks lose N41bn as week opens

Nigeria’s stock market decreased by 0.17percent or N41billion on Monday October 31 as more investors moved to the sell-side of the Bourse to take profit on some equities. The record negative close pushed the market’s positive return lower to 2.63percent.

“In the short-term, we still expect earnings results to dictate market direction, as investors continue to trade cautiously,” said research analysts at Vetiva.

In the month of October, the market decreased by 10.58percent as investors moved for attractive yield in the fixed income (FI) market following Central Bank of Nigeria (CBN) hawkish monetary policy approach amid rising rate of inflation in Africa’s largest economy.

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By Iheanyi Nwachukwu • November 1, 2022

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.