Nigeria’s equities market closes week to Nov. 5 in red

Nigeria’s equities market ended the trading week to November 5 in red despite positive close seen on Friday (+0.17percent). Investors lost about N13billion at the close of the review week’s trading session amid profit-taking in banking, oil & gas, and consumer goods stocks.

Despite profit taking activities which put pressure on the sell-side of the Bourse, the market’s year-to-date (Ytd) return remains positive at +4.33percent.

In their November 5 note to equity investors, Lagos-based research analysts at Vetiva Securities Limited acknowledged that activity level dwindled in the review week, as investors continued to take profit given the bullish sentiment in the preceding trading week. They expect market to trade mixed in the new week, “with trades in the banking space boosting market activity”

Read also: Nigeria’s equities market opens new month in red

The NGX Banking Index went down by 1.73percent in the review trading week, NGX Oil & Gas (-1.63percent), while NGX Consumer Goods was down by 0.74percent. The NGX Industrial Index closed the week in green (+0.88percent), that of NGX Insurance was also up by 0.99percent week-on-week (WoW).

The All Share Index (ASI) and Market Capitalisation which tracks performance of Nigeria’s stock market stood lower at 42,014.5 points and N21.925trillion respectively on Friday, from review week’s open of 42,038.60 points and N21.938 trillion.

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