Nigeria stocks shed N60bn in sell-pressured week

MTNN, other stocks drive market’s negative start to new week

Investors in Nigeria’s stock market lost about N64billion in the trading week ended Friday May 20 following four days of losses as against just one day of gain.

The market decreased week-on-week (WoW) by 0.23percent causing the month-to-date (MtD) and year-to-date (YtD) positive returns to reach new lows of 6.73percent and 24.03percent respectively.

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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation which opened the review week at 53,098.46 points and N28.626 trillion respectively closed at 52,979.96 points and N28.562trillion on Friday May 20.

Looking at the market’s sectoral indices, NGX Banking Index decreased most in the review week by 1.24percent, followed by NGX Consumer Goods Index which decreased by 1.01percent, and NGX Industrial Index which dipped by 0.61percent; while NGX Insurance Index increased most by 3.63percent, followed by NGX Oil & Gas which increased by 0.30percent.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. 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).

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