Nigeria’s equities market decreased by 0.35 percent in the trading week ended Friday, July 12.
The market recorded only one session of positive close as against sessions of negative closes. Investors lost about N140billion in the review trading week.
While many investors explore opportunistic investment strategies, the market has decreased this month by 0.39 percent. Year-to-date (YtD) stock market return lowered to 33.30 percent.
Week-on-week (WoW), the Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalisation decreased from preceding week’s close of 100,022.03 points and N56.580trillion respectively to 99,671.28 points and N56.440trillion.
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Investors showed lukewarm attitude towards stocks despite expectations of companies second quarter (Q2) results filing and corporate actions which will trigger investors buy decisions.
Buy-side activities favoured oil & gas and industrial stocks while banking, consumer goods and insurance stocks were in offer.
Banking stocks were actively traded due to the ongoing recapitalisation exercise.
Some investors continued to cherry-pick fundamentally sound stocks in the review week despite that elevated interest rates in the fixed income market continued to negatively impact the equities.
