…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.

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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.

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By Iheanyi Nwachukwu • May 20, 2024

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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