Investors in Nigeria’s equities market gained about N321billion in the month of August.
This record gain in August came amid pockets of bargain hunting and profit taking as evidenced in negative close to trading (-0.27percent) seen on Tuesday August 31, the last trading day of the month in review.
Despite Tuesday’s negative close to trading in August, market watchers expect further mixed trading pattern in new month’s session as investors continue to cherry pick attractive names across sectors while taking profit in others.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation which stood at 38,604.72 points and N20.113trillion respectively as at August 2 increased to 39,219.61 points and N20.434trillion.
Read also: Nigerian Banks are Africa’s cheapest stocks and here is why
Consumer goods stocks saw the highest level of profit taking activities in August, followed by Insurance stocks, oil & gas stocks, industrial stocks and banking stocks.
The market rose by 1.74percent in the August 2021, helping to reduce the record negative return seen this year to -2.61percent.
On a positive note, it is expected that the release of banks financials and possible dividend declaration will drive investors to take position in the early part of September, despite that movement in the fixed income (FI) market space will continue to influence equities market sentiment.
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