• Friday, June 21, 2024
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Stock market decreases by 1.10% in week ended Sept.15

Stock market to enter cautious mode as Q1 frenzy fizzles out

In the trading week ended Friday September 15, Nigeria’s equities market decreased 1.10percent while investors booked about N409billion loss.

The market’s negative close in the review week came after more sessions of profit-taking than bargains. Specifically, the market recorded three trading days of losses as against two days of gains.

Notably, banking, oil & gas, consumer goods, and industrial stocks were on offer while insurance stocks saw mild bargains.

Read also: Equities market fails to sustain gain

The market’s key performance indicators – Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased from preceding week’s highs of 68,143.34 points and N37.295trillion respectively to 67,395.74 points and
N36.886trillion.

While commenting on what will shape the market in the next trading session, Lagos-based analysts at Vetiva Research said, “With the positive sentiments gradually wearing off in the banks, the market is in the lookout for its next catalyst”.

“We expect mixed trading next week, as investors mull over the latest inflation data, with headline inflation surpassing our estimate by 47 basis points (bps) to print at 25.80percent,” they added.

The stock market’s positive return year-to-date (YtD) decreased to 31.50percent. Month-to-Date (MtD), the market has increased by 1.27 percent.