Stocks lose over N590bn in week ended Dec. 3

Nigeria’s listed stocks lost about N595billion in the trading week ended Friday, December 3 as investors took profit on some stocks while others on a mild note bought fundamentally sound names.

In the review week, the market decreased by 2.63percent amid five (5) consecutive sessions of negative closes.

The record loss has pushed the equities market’s positive return year-to-date (YtD) to a new low of +4.71percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from week-open highs of 43,308.29 points and N22.598 trillion respectively to 42,167.91 points and N22.003trillion on Friday.

Except NGX Insurance Index (+2.97percent), all other sectoral indices closed the review week in red. NGX Banking Index was down by 2.29percent, NGX Oil and Gas Index dipped by 4.55percent, NGX Consumer Goods Index (-0.59percent), and NGX Industrial Index (-0.08percent)

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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