Stock investors lost N981bn in June
Investors in Nigeria’s equities market booked approximately N981billion loss in the month ended June 30 as sessions of profit taking outweighed bargains.
The market decreased by 2.21 percent in the review month as investors remained in downbeat mood. Mostly on offer were banking and consumer goods stocks.
NGX Banking Index decreased most in June by 6.56 percent, followed by NGX Consumer Goods Index which dropped in the review month by 4.26 percent.
Other key sectoral indices closed the month in the red: NGX Industrial Index (-1.91percent); NGX Insurance Index (-1.59percent) and NGX Oil and Gas Index (-0.41percent).
While sell pressures returned to Custom Street market thereby halting previous bullish run, the market’s performance indices closed June in red, pushing the record positive return year-to-date (YtD) +21.31 percent.
At the close of trading session on Thursday June 30, the stock market’s performance indicators – All Share Index (ASI) and capitalisation came down to 51,817.59 points and N27.935trillion
as against record highs of 53,637.14 points and N28.916trillion at the beginning of the review month.
Some analysts had ahead of market close for the month expected the bargain hunting that trailed the stock market rebound from last week Tuesday to extend into this last week of the month, hoping that investors will buy value stocks as they look forward to the half year (H1) 2022 earnings season.