Nigeria stocks shed N1.45trn in one week

Nigeria’s equities market decreased by 2.94 percent while investors booked about N1.45trillion loss in the trading week ended Friday, January 17.

The record weekly dip was driven majorly by decline in stocks like Dangote Cement Plc and other major laggards in the review week which pushed the market into the red zone of -0.56 percent year-to-date (YtD).

NGX Industrial Good index dropped the most by -8.20 percent, followed by NGX Insurance index (-6.23 percent), NGX Oil & Gas Index (-0.78 percent), and NGX Banking Index (-0.46 percent), while NGX Consumer Goods Index rose by 1.33 percent in the review trading week.

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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation decreased week-on-week (WoW) from 105,451.06 points and N64.303 trillion respectively to 102,353.68 points and N62.851trillion.

Ahead of the review week’s trading, analysts at Lagos-based Meristem anticipated sustained buying interests in the local bourse, hoping it will be fueled by bargain hunting “as investors seek value across different sectors”.

Rather, the market which defied the positive outlook followed the analysts alternative expectation of subdued sell-offs as most investors still focused on securing positions and considered significant profit-taking.