Stocks shed N242bn in week ended Sept. 23

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

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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