Stock market sheds N103bn in week ended June 21

Nigeria’s equities market decreased by 0.18 percent or N103billion in the holiday-shortened trading week ended Friday, June 21.

Investors took profit in insurance and banking stocks despite bargain hunting in oil & gas, consumer goods, and industrial stocks.

The market opened for just three trading days after two-day public holidays to mark Eid-el-Kabir. In the three-day trading week, the stock market recorded two days of negative closes as against a day of flat close.

In the review trading week to June 21, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased to N99,743.05 points and N56.423trillion respectively as against preceding trading week’s highs of 99,925.29 points and N56.526trillion respectively.

Profit taking across key sectors in the market pushed the year-to-date (YtD) return lower to 33.39 percent. Month-to-date (MtD), the market has risen by 0.43 percent.

The NGX Oil & Gas Index by 0.21 percent, NGX Banking Index dipped by 0.04 percent, NGX Insurance Index decreased by 1.41 percent. The NGX Consumer Goods Index increased by 0.29 percent, while NGX Industrial Index was up by 0.10 percent.