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.

Related News

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.

More from our Markets Column
Read Next
Slowing inflation puts first rate cut in five months on table

Anglican Synod identify factors weakening Naira, rising inflation, other

By Solomon Attah • June 24, 2024

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. 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). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp