• Friday, June 21, 2024
businessday logo

BusinessDay

Nigeria stocks shed N171bn in week ended March 25

Market up 41.39% year-to-date as stocks gain N2.1trn in one week

Nigeria’s equities market decreased by N171billion in the trading week ended Friday March 25 due largely to sell-off in banking, consumer goods, and insurance stocks.

Amid bargain hunting in some counters spurred by cheap valuations and continued sell-off in other counters, the review trading week recorded three (3) days of loss sessions as against two (2) days of gains.

The equities market’s benchmark performance indicator – Nigerian Exchange Limited (NGX) –All Share Index (ASI) decreased week-on-week (WoW) by 0.67percent, from week-open high of 47,282.67 points to 46,964.23 points as at Friday.

Read also: Equities market sees first gain this week

Also, the value of stocks listed on the Nigerian Exchange decreased week-on-week by N171billion, from preceding week’s high of N25.482trillion to N25.311trillion on Friday March 25.

While the record dip pushed the market’s positive return year-to-date (YtD) to new low of 9.94percent, month-to-date (MtD) the market has decreased by 0.91percent.

In the review trading week, NGX Banking Index was down by 0.66percent, NGX Consumer Goods Index (-1.10percent), NGX Industrial Index (-0.02percent), NGX Insurance Index (-1.40percent) and NGX Oil & Gas Index (-0.02percent).