NGX-ASI drops by 1.16% in one week as industrial, consumer goods stocks dip

In the trading week ended Friday August 23, Nigeria’s equities market decreased by 1.16 percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) furthered the dip in the review trading week following sessions of profit-taking and bargain hunting.

While some investors sold mostly industrial and consumer goods stocks, others saw bargain opportunities in oil & gas, insurance and banking stocks.

The Nigerian Exchange Limited (NGX) All-Share Index and equities market capitalisation depreciated from preceding weekend’s highs of 97,100.31 points and N55.132 trillion respectively to 95,973.45 points and N55.129 trillion.

“With the capital market environment bereft of drivers to alter the risk-off stance towards the equity market, we do not foresee a situation where the market will end the week in the green; that said, we expect buy-side interest to remain skewed towards low-mid cap names,” Vetiva Research analysts said in their August 22 note to investors.

This month, the market has decreased by 1.42 percent while this year’s positive return lowered to 28.35 percent.