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.

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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