Stocks lose N476bn in week ended March 7

In the trading week ended Friday, March 7 investors in Nigeria’s stock market booked about N476billion loss. The market decreased by 1.19 percent in the review trading week.

Upside momentum at the equities market remained limited following elevated fixed income yields. The market recorded four days of negative closes as against one day of positive.

All key sectoral indices closed the week in red – NGX Banking Index (-2.87percent), NGX Consumer Goods Index (-1.72 percent), NGX Industrial Index (-0.01 percent), NGX Insurance Index (-2.33 percent), and NGX Oil & Gas Index (-0.19 percent).

Read also: NGX records first gain in March

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While many investors failed to take advantage of beaten-down prices, more profit-taking into the month of March pushed the return this year lower to +3.51 percent.

Moving further into the market, analysts expect mixed trading sessions, with pockets of buying interest in fundamentally strong stocks particularly companies that are rewarding investors with dividend and bonuses.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation which started the review week at 107,821.39 points and N67.193trillion respectively closed at 106,538.6 points and N66.717 trillion.

Iheanyi Nwachukwu

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.