Nigerian equities market drops by N532bn in one week
The Nigerian equities market has depreciated by N532 billion in one week to extend its bearish run for the fourth consecutive week.
The market capitalisation closed on Friday at N65.82 trillion, a decline of N532 billion from N66.352 billion it opened for trading.
The losses in BUA Cement Plc dipped by 10 per cent, Transcorp was down by 7.8per cent and Guaranty Trust Holding Company Plc (GTCO) depreciated by 4.6per cent drove the Nigerian Exchange Limited All-Share Index (NGX ASI) lower by 0.9per cent in one week to close at 104,962.96 basis points.
As a result, the month-to-date and year-to-date returns moderated to -2.7per cent and +two per cent, respectively.
Trading activity mirrored the broader market sentiment, as both volume and value fell by 12.1per cent w/w and 25.3 per cent in one week, respectively.
Similarly, sectoral performance was predominantly negative, with the Industrial Goods (-3.4per cent), Insurance (-2.9per cent), Banking (-2.6per cent), and Oil & Gas (-1.1per cent) indices recording losses, while the Consumer Goods (+0.1per cent) index posted a modest gain.
“In the coming week, we anticipate continued market volatility as investors analyse a slew of audited earnings reports and associated dividend announcements set to be released during the week,” analysts at Cordros Research added.
