Equities market sees second consecutive week of negative closes

Nigeria’s equities market closed the week ended Friday September 16 in red, its second consecutive negative close lately.

The market decreased in the review trading week by 0.44percent or N118billion following four days of losses as against one day of flat close.

Banking and insurance stocks led the sell-side activities on the Nigerian Exchange Limited (NGX).

Month-to-date (MtD) the market has decreased by 0.73percent, despite starting off on a positive note.

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The market’s All-Share Index (ASI) and capitalisation decreased from preceding weekend’s highs of 49,695.12 points and N26.804trillion respectively to 49,475.42 points and N26.686trillion.

The market’s positive return year-to-date (YtD) has decreased to +15.82 percent.

All key sectoral indices closed the review trading week in red. The NGX-30 index which measures the performance of thirty most capitalised stocks on Exchange decreased by 0.50percent; while NGX Consumer Goods Index dipped by 0.27 percent.

Others are: NGX Industrial Index (- 0.16 percent); NGX Banking Index (-3.31 percent); NGX Oil and Gas Index (- 0.16 percent); and NGX Insurance Index (+2.58percent).