Stock market drops by 2.71% week-on-week

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation depreciated by 2.71 percent to close the week ended Friday April 19 at 99,539.75 points and N56.296 trillion respectively.

All other indices finished lower in the review trading week with the exception NGX Sovereign Bond which appreciated by 3.57 percent, while the NGX ASeM and NGX Oil and Gas indices closed flat.

In the review week, the market received a notification from NASCON stating SEC’s suspension of the proposed merger of Dangote Sugar Refinery, NASCON and Dangote Rice.

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“Following the news, the two stocks opened fully offered. We expect the sector to trade bearish…, while the banking sector trades mixed,” Vetiva Research analysts said on Friday.

Thirteen equities appreciated in price during the review week, lower than nineteen equities in the preceding week. Sixty-two equities depreciated in price higher than 40 in the preceding week, while 79 equities remained unchanged, lower than 95 recorded in the preceding trading week.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. 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).

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