Nigeria’s stock market decreased by 0.90 percent or about N559billion in the trading week ended Friday April, 11. The market recorded three days of negative closes as against two days of positives.
Profit taking in insurance and banking stocks pushed the market lower in the review week.
Muted institutional investors interest in banking, insurance stocks made the market momentum to decrease.
NGX Insurance Index decreased most by 4.57 percent in the review week, followed by NGX Banking Index which was down by 2.20 percent, while NGX Consumer Goods Index decreased by 0.61 percent, NGX Industrial Index (-0.26 percent), and NGX Oil & Gas Index (-0.50 percent).
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This month, the market has decreased by 1.04 percent, while this year’s return moderated to +1.59 percent.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation which started the review week at 105,511.89 points and N66.147trillion respectively decreased to 104,563.34 points and N65.706trillion.
Overall market sentiment was influenced by flows into dividend-paying stocks as investors positioned ahead of upcoming qualification dates.
