• Sunday, July 14, 2024
businessday logo


Stock market decreases by 2.06% in week ended April 14

Stock market decreases by 2.06% in week ended April 14

Nigeria’s equities market decreased by 2.06percent in the holiday-shortened trading week ended Friday, April 14 following three sessions of negative closes.

In the review week, Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities Market Capitalisation dropped to 51,893.94 points and N28.267trillion respectively as against 52,994.13 points and N28.869trillion recorded in the preceding weekend.

The stock market opened for four trading days as Monday April 10 was Public Holidays to mark the Easter celebration. In the four-day trading week, all key sectoral indices closed in red except NGX Consumer Goods Index which increased by 0.05percent.

Read also: High-income tax slows Transcorp’s profits by 29%

Vetiva equity research analysts expect the market to continue its mixed trend, as investors look forward to the first-quarter (Q1) earnings reports this month while other investors position ahead of the dividend qualification dates for some of the listed companies.
NGX 30 Index which tracks the top 30 companies in terms of market capitalisation and liquidity decreased by 1.63percent.

NGX Banking Index was down week-on-week (WoW) by 1.40percent. NGX Industrial Index decreased by 0.40percent; NGX Insurance Index was down by 1.50percent week-on-week, while NGX Oil & Gas Index closed the week flat.

This month, the market has decreased by 4.29percent while the market’s year-to-date (YtD) positive return stood lower at 1.27percent in the review trading week.