Nigeria’s equity investors book over N500bn loss in one week

In the trading week ended Friday, June 25, investors in Nigeria’s equities market booked about N517billion loss, driven by remarkable sell off in industrial stocks. Also, profit taking in stocks like Airtel Africa did not help the market.

The hurtful outing on the Bourse occurred even as some investors continued buying up down-beaten counters while others chose to take profit on some other stocks. The market may record positive start to a new week’s trading as investors buy into recent dip.

In the review trading week, NGX Industrial which is designed to provide an investable benchmark to capture the performance of the Industrial Sector recorded the highest sectoral dip by -3.33 percent.

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This Industrial Index houses notable names like Dangote Cement, BUA, Lafarge Africa, Berger Paints, Beta Glass, CAP, Cutix, Meyer, Portland Paints and Notore.

Amid the record choppy trading sessions, the Nigerian Exchange (NGX) Limited All Share Index (ASI) at 37,658.26 points on Friday implies a decrease by 2.56percent in the review trading week as against week-open high of 38,648.91 points.

Also, the market capitalisation decreased from N20.143trillion at the beginning of the week to N19.626trillion, shedding about N517billion.

The NGX-30 Index which tracks the top 30 companies in terms of market capitalisation and liquidity saw a remarkable dip of 1.32 percent at the close of the week’s trading.

Month-to-date (Mtd), the stock market has decreased by 5.48 percent, while its negative return this year printed higher at -6.49percent on Friday June 25, 2021.