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Nigeria’s stock market weakens ahead of Christmas holiday

Nigeria’s stock market weakens ahead of Christmas holiday

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.

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.