• Thursday, May 23, 2024
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Stock investors lose N638bn in holiday-shortened week

Stock investors lose N638bn in holiday-shortened week

In the trading week ended Friday April 12, Nigeria’s stock market closed in the red zone, declining by 1.09 percent. Investors booked about N638billion loss in the review trading week.

In the review week, remarkable decline in banking, insurance, consumer goods stocks helped push the market southward in the market which traded for only two days due to public holidays to market Eid Mubarak.

Futureview research analysts had ahead of the review week’s trading said they anticipate a mixed performance in the equities market “as investors respond to fresh corporate actions and adjust their positions strategically in anticipation of dividend payouts.”

“There’s likely to be a shift in focus towards the fixed income market, influencing short-term investment decisions.

“Nevertheless, we anticipate a resurgence of buying interest in the equities market, driven by upcoming corporate actions and earnings reports, which will attract investors looking to benefit from dividend payments. Our recommendation to investors is to consider investing in high-quality stocks backed by strong fundamentals,” the analysts said.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation depreciated from week-open highs of 103,437.67 points and N58.498 trillion respectively to 102,314.56 points N57.860trillion. Month-to-date (MtD), the stock market has decreased by 2.15 percent. The market’s year-to-date (YtD) return printed lower at 36.83 percent.