Investors in Nigeria’s equities market saw the value of their investments decline by N91billion in September as the market dropped by 0.25 percent following sessions of profit-taking after August rally.
In nine months to September, the market’s positive return stood lower at +29.52percent.
The market which had started September with All-Share Index (ASI) and equities market capitalisation at 66,548.99 points and N36.422trillion respectively dropped to 66,382.14 points and N36.331trillion as at Friday September 29, the last trading day of the month.
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This negative close in September came despite expectations of investors positioning in value stocks ahead of qualification for their half year (H1) interim dividend.
Rather, in the review trading month, more investors were mostly cautious of the nation’s macro-economic outlook particularly happenings at the foreign exchange (FX) market which directly affect foreign investments in stocks.
“With bearish sessions dominating this month, the market lost 0.25percent, compared to the 3.44percent return in August.
“With no positive driver in the market, we anticipate similar mixed trading sessions next week, as investors begin to look forward to third quarter (Q3) earnings report,” according to Lagos-based analysts at Vetiva Research.
