Stock market dips by 1.51% in week ended August 16

In the trading week ended Friday August 16, Nigeria’s equities market decreased by 1.51 percent, no thanks to investors who sold mostly industrial and banking stocks.

In the review trading week, 39 equities appreciated in price, lower than 46 equities in the preceding week.

Sixty-six equities depreciated in price higher than 38 in the preceding week, while 46 equities remained unchanged, lower than 67 recorded in the preceding week.

“The local bourse reversed its bullish trend, as profit-taking activities on large-cap tickers drove the NGXASI down by 1.5percent week-on-week (WoW) to settle at 97,100.31 points. This brings the year-to-date return to 29.85 percent.

Across sectors, the performance was mixed, as NGXCNSMRGDS (+0.37 percent WoW), NGXINS (+0.79 percent WoW), and NGXOILGAS (+5.25 percent WoW) recorded WoW gains, while NGXINDUSTR (-5.16 percent WoW) and NGXBNK (-2.28 percent WoW) closed in the red zone,” Meristem research analysts said on Friday.

The Nigerian Exchange Limited (NGX) All-Share Index and Market Capitalisation depreciated to close the review week at 97,100.31 points and N55.132 trillion respectively.

Similarly, all other indices finished lower with the exception of NGX Insurance, NGX Consumer Goods, NGX Oil & Gas, NGX Lotus II and NGX Growth which appreciated by 0.79 percent, 0.37 percent, 5.25 percent, 0.42 percent, and 6.14 percent respectively, while the NGX ASeM index closed flat.