Market dips by 0.11% in one week

…as investors sell oil & gas, banking, consumer goods stocks

In the trading week ended Friday, May 17, Nigeria’s stock market decreased by 0.11percent or N55billion.

The negative close seen in the review trading week came as investors sold oil & gas, banking, insurance, and consumer goods stocks amid mild gain in industrial stocks.
The market’s negative close in the review trading week decreased the return year-to-date (YtD) to 31.23 percent.

In the review trading week, the market’s benchmark performance indicators – the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation depreciated from preceding week’s highs of 98,233.76 points and N55.562trillion respectively to 98,125.73 points and N55.507trillion.

The NGX Oil & Gas Index was down in the review trading week by 6.49 percent as investors sold shares of Seplat Energy Plc after the company’s reported loss in first quarter (Q1) of 2024. Also, NGX Banking Index decreased by 5.31 percent, while NGX Insurance Index was down by 3.98 percent in the review week.

NGX Consumer Goods Index decreased by 1.29 percent while NGX Industrial Index rose by 0.01 percent.

Month-to-date (MtD), the stock market has decreased by 0.10 percent amid dearth of cheering news capable of driving activities on the buy-side of the bourse.