Industrial, banking stocks dip market by 0.95% in one week

Nigeria’s equities market decreased by 0.95 percent in the holiday-shortened trading week to Friday, October 4.

Investors lost about N539billion in the review week as bearish momentum which affected select segments continued at the local bourse.

The market’s record dip was made possible by investors who sold mostly industrial and banking stocks despite rally in oil & gas, insurance and consumer goods stocks.

The NGX Industrial Index decreased most by 6.84 percent, followed by NGX Banking Index which depreciated by 0.74 percent.

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Meanwhile, NGX Oil & Gas Index increased by 7.29 percent, followed by NGX Insurance Index which rose by 3.81 percent, and NGX Consumer Goods Index (+0.34 percent).

The stock market has decreased by 1.05 percent month-to-date (MtD), while year-to-date (YtD), it’s return stood at +30.42 percent.

In the review week, the market recorded mixed sessions of positive and negative closes.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased from preceding week’s highs of 98,458.68 points and N56.577 trillion respectively to 97,520.54 points and N56.038 trillion.