Stock market fails to close week in green

Nigeria’s stock market failed to close the week ended November 8 in green zone despite recording more sessions of positive closes than negatives.

While many investors were seen buying some value stocks trading at a relatively low price, others saw opportunity to position for interim dividends announced by companies as the third quarter (Q3) earnings season peaked.

On the sell-side at the Nigerian Bourse, the major driver of record pressure is the high yields in the fixed-income space which lure investors out of stocks.

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In the review week, 31 stocks appreciated in price lower than 39 stocks in the preceding week.

Also, 42 stocks recorded price decline, lower than 45 in the preceding trading week, while 79 equities remained unchanged, higher than 68 recorded in the preceding trading week.

The mixed trading sessions in the review week made the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation to drop by 0.20 percent to close the week at 97,236.19 point and N58.920 trillion respectively.

The market’s weekly report shows that all other indices finished higher with the exception of NGX Main Board, NGX 30, NGX Lotus II and NGX Industrial Goods which depreciated by 0.48 percent, 0.17 percent, 0.08 percent, and 0.02 percent respectively while the NGX ASeM index closed flat.