• Thursday, March 28, 2024
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BusinessDay

Equities shed N138bn in week ended July 8

How pre-election years impact equities, fixed income markets  – Uwaleke

In the trading week ended July 8, Nigeria’s equities market decreased by 0.53percent amid profit taking activities on the Bourse.

Week-on-week (WoW), the market posted loss of N138billion amid four (4) trading sessions of losses as against just one (1) day gain.

The market’s performance indicators – the All Share Index (ASI) and market capitalisation decreased to 51,557.41 points and N27.803trillion respectively as against preceding weekend when they stood at 51,829.67 points and N27.941trillion.

The review week’s loss was driven by record profit taking in all key sectors – banking, consumer goods, industrial, insurance and oil & gas.

Read also: Stakeholders laud NGX vibrant listing platform for capital raising

At the close of the week’s trading session on Friday July 8, the market’s positive return year-to-date (YtD) printed slightly lower at +20.70percent.

The announcement of companies closed periods in preparation for half year (H1) results failed to catalyse the market’s expected journey northwards as investors rather sold stocks for profit.