Nigeria’s equities market decreased by 0.80 percent in the month of August while investors lost about N33billion as sessions of profit taking on the Lagos Bourse outweighed that of bargains.
The market’s record negative in the review month was driven by investors who sold mostly industrial stocks despite increased bargain oil & gas, insurance, consumer goods and banking stocks.
In the review month, NGX Banking Index rose by 6.52 percent in August, NGX Consumer Goods Index (+4.88 percent), NGX Industrial Index (-13.08 percent), NGX Insurance (+11.67 percent), NGX Oil & Gas Index (+22.45 percent).
The market’s positive return as at August 30 stood at 29.16 percent.
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In the week which ushered in the month end, the market closed in green (+0.63 percent), its first positive close in a three-week period.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation dropped from review month’s open of 97,774.22 points and N55.513trillion respectively to 96,579.54 points and N55.477 trillion.
Toward the end of August, stock investors raised bet in the market in show of optimism after Nigeria’s positive second quarter (Q2) GDP report released by the National Bureau of Statistics (NBS).
The Q2’24 GDP report indicated that the Nigerian economy expanded by 3.19 percent year-on-year (YoY) as against 2.51 percent it was in Q2’23 and 2.98 percent recorded in Q1’24.
As September trading session berths soon, analysts see Nigeria’s economic landscape presenting a mix of challenges and strategic opportunities that demand careful navigation.
