In the trading week ended Friday September 23, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation depreciated by 0.91percent or N242billion to 49,026.62 points and N26.444trillion respectively as against preceding weekend when both indicators stood at 49,475.42 points and N26.686trillion.

The record dip in the review week was driven by sell off in Oil & Gas, Industrial, Insurance and Consumer Goods stocks while investors hunted for banking stocks seen trading below their target prices.

While most banking stocks were immune to the week’s bearish run as the sector closed the week in the green, others struggled to recover from previous losses they had posted.

Read also: Nigeria records N1.88trn worth of equities transactions in 8 months

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The sell-side of the market increased as investors remained cautious in anticipation of the upcoming Monetary Policy Committee (MPC) meeting.

Except NGX Banking Index, all key sectoral indices closed the review trading week in red. The NGX-30 index which measures the performance of thirty most capitalised stocks on Exchange decreased by 0.99percent; while NGX Consumer Goods Index dipped by 0.16 percent.

Others are: NGX Industrial Index (-3.92 percent); NGX Banking Index (+2.27percent); NGX Oil and Gas Index (-4.68 percent); and NGX Insurance Index (-2.08percent). The trading week ended with the stock market’s year-to-date (YtD) positive return down to +14.77percent. Month-to-date (MtD) the market has decreased by 1.63percent.

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By Iheanyi Nwachukwu • September 26, 2022

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.

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