• Saturday, December 02, 2023
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Stock market dips by 0.70% in week ended September 9

Banks lead charge as stocks jump to 15-yr high after Emefiele’s exit

Nigeria’s equities market decreased by 0.70percent or N189billion in the trading week that ended Friday, September 9 as more investors sold banking, industrial and oil & gas stocks despite bargains in consumer goods and insurance stocks.

In the review trading week, the market recorded three days of negative closes as against just two days of gains.

The market closed the week in red despite that earnings reports and interim dividend announcements remained key drivers in banking sector deals.

Read also: NGX says committed to solving national problems through capital market initiatives

Month-to-date (MtD) the market has decreased by 0.28percent. The month had started off on a positive note.

The market’s All-Share Index (ASI) and capitalisation decreased from preceding weekend’s highs of 50,045.83 points and
N26.993trillion respectively to 49,695.12 points and N26.804trillion.

The NGX-30 index which measures the performance of thirty most capitalised stocks on Exchange decreased by 0.68percent in the review trading week; while NGX Consumer Goods Index rose by 0.72 percent.

Others are: NGX Industrial Index (- 0.01 percent); NGX Banking Index ( -0.60 percent); NGX Oil and Gas Index (- 0.11 percent); and NGX Insurance Index (+1.04percent).