Nigeria stock market decreased by 0.21 percent in the trading week ended Friday, December 24 after three days of losses as against two days of gains.

All the Nigerian Exchange Limited (NGX) sectoral performance indices closed the week in green except NGX Oil & Gas Index (-0.52percent).

NGX Banking Index increased by 0.10percent, NGX Consumer Goods Index (+0.78percent), NGX Industrial Index (+0.43percent) and NGX Insurance Index (+1.85percent).

Market watchers believe investors are locking in some of past gains and ready to go on Christmas vacation. This is in addition to the omicron fears and negative headlines swirling around.

The equities market’s positive return year-to-date (YtD) stood lower at +4.95 percent.

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Read also: Here’s NGX Q3 fact sheet

The market having gained in two (2) of five (5) trading sessions in the review week, the All-Share Index (ASI) and market capitalisation printed lower at 42,262.85 points and N22.060trillion, a development Coronation Securities analysts noted heralds the third weekly loss in the month of December.

“Despite the session closing in the green, week to date (WtD) return and market breadth still closed negative, as sentiment in the market continues to tend towards the bears.

“Therefore, we anticipate mixed sessions to close out the year, as we expect the market to be majorly driven by portfolio rebalancing activities,” said equity research analysts at Lagos-based Vetiva.

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By Iheanyi Nwachukwu • December 28, 2021

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. 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). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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