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Home Capital Market

NGX All All-Share Index declines by 1.5%

Business 360 by Business 360
August 19, 2024
in Capital Market
0
Nigeria’s inflation rate rises by 14.23% in October

The Nigerian stock market saw a reversal of last week’s gains as profit-taking activities intensified, particularly in BUACEMENT, which experienced a significant selloff with a decline of 13.5%. This downturn led to a 1.5% week-on-week (w/w) drop in the All-Share Index (ASI), which closed at 97,100.31 points. As a result, the Month-to-Date (MtD) and Year-to-Date (YtD) returns moderated to -0.7% and +29.9%, respectively.

The overall activity levels in the market also weakened, with trading volume and value declining by 24.1% w/w and 1.4% w/w, respectively, reflecting a cautious stance among investors.

Sectoral performance was mixed during the week. The Oil & Gas sector saw a 5.3% gain, followed by modest increases in the Insurance (+0.8%) and Consumer Goods (+0.4%) sectors. Howev

er, these gains were offset by losses in the Industrial Goods (-5.2%) and Banking (-2.3%) sectors, contributing to the overall market decline. Market analysts at Cordros Capital anticipate that bearish sentiments will persist as investors continue to exhibit caution, driven by concerns over the macroeconomic environment and the upcoming corporate earnings season. These factors are expected to play a significant role in shaping investor sentiment in the near term.

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