Investors in insurance and industrial stocks are most affected in the ongoing sell pressure that has decreased equities value this week by N2.72trillion.
Following three days of negative closes seen this week, the NGX Insurance Index decreased by 10.50 percent, NGX Industrial Index (-8.34 percent), and NGX Banking Index (-4.71 percent).
Thursday’s dip by 0.87 percent fuelled the week-to-date (WtD) decrease by 2.97 percent, which helped to drag the year-to-date (YtD) return lower to +36.34 percent.
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At the close of trading on Thursday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased further from preceding day’s 141,566.3 points and N89.564trillion to 140,332.44 points and N88.783 trillion.
The market’s negative close on Thursday was driven majorly by BUA Cement Plc which decreased most from N168.60 to N151.80, losing N16.80 or 9.96 percent. Fidelity Bank, Veritas Kapital, Universal Insurance, Access Holdings, and Jaiz Bank were actively traded stocks. In deals 25,881, investors exchanged 573,749,611 shares valued at N12.876billion.
“With the corrective phase likely to extend, we stay defensive pending a clear easing of supply in key sectors and flagship names,” Vetiva Research analysts said in their August 20 note.
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