Nigeria : Stocks Drop By N6bn At Equities Market
- 30 July 2021 / News / 111 / Fares RAHAHLIA
Negative sentiments continued on the nation’s bourse on Wednesday with the market capitlisation dropping further by N6 billion following sell pressure of some blue chips.
Specifically, the market capitalisation lost N6bn or 0.03 percent to close at N20.210 trillion compared with N20.216tr achieved on Tuesday.
- Job loss, inflation loom as BDC operators lament new CBN forex policy
- PODCAST: The Real Implication of CBN’s No-Dollar-For-BDC Policy
In the same vein, the All-Share Index dipped 11.12 points or 0.03 percent to close at 38,791.03 from 38,802.15 recorded on Tuesday.
This is the second time the stocks dropped in one week after it had gained significantly for five straight days during the period under review.
The month-to-date gain stood at 2.3 percent, while the year-to-date loss remained flat at 3.7 percent on Wednesday.
The negative performance of the market was driven by price depreciation in large and medium capitalised stocks amongst which are; Eterna, Zenith Bank, Vitafoam Nigeria, Pharma-Deko Plc and United Bank for Africa.
Analysts at Afrinvest Ltd. predicted that the sell pressure would persist as investors adjusted their holdings in the light of the new policy of the Central Bank of Nigeria halting supply of forex to Bureau De Change operators. (NAN)
SOUTH AFRICA:Economic Development Board of Mauritius provides clarity over taxation of foreign investments
- 23 September 2021
The Economic Development Board of Mauritius has moved to assure South Africans with Mauritian trusts, in response to confusion and concern among its members and clients around the taxation of foreign...
EGYPT:Bupa Global Executive Wellbeing Index reveals Egyptian decision makers plan to increase diversity at board-level
- 23 September 2021
Bupa Global today launches the 2nd edition of the Bupa Global Executive Wellbeing Index analysing the continued effects of the COVID-19 pandemic on the world’s high-net-worth community. The index, whi...