Stocks lose over N760bn in holiday-shortened week

Nigeria’s equities market depreciated by 2.68percent or about N767billion in the holiday-shortened trading week ended Friday June 17. The record loss was caused by remarkable selloff across key sectors like banking, oil & gas, insurance and consumer goods stocks.

NGX banking index saw the highest decline week-on-week (WoW) by 5.20percent, followed by NGX Oil & Gas Index (-1.80percent), NGX Insurance Index (-1.21percent), and NGX Consumer Goods Index which decreased by 1.16percent. Also NGX Industrial Index decreased by 0.08percent.

Week-on-week (wow), the Nigerian Exchange Limited (NGX) All-Share Index and Market Capitalisation decreased to 51,778.08 points and N27.914trillion respectively as against preceding week’s close of 53,201.38 points and N28.681trillion.

This month, the market has decreased by 2.29percent amid dearth of positive news capable of triggering bargain hunting activities on the Bourse.

The market’s negative close in the review trading week pushed year-to-date (YtD) positive return to 21.21percent. In new trading week, the market may see improved buy activities in some value counters as investors see opportunity in stocks trading at new low.

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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