Stock market records second weekly loss, index drops by 0.44%
Last week, losses in Red Star Express and Betaglas caused the Nigerian Exchange Limited (NGX) to post a second consecutive weekly loss at the closing of trading.infomation guide nigeria
The All-share index and market value declined by 0.44 percent to end the week at 49,475.42 points and N26.686 trillion, respectively.
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In contrast to all other indexes, the NGX ASeM and NGX Growth indices closed in the same direction. The market performance prompted Cordros Capital analysts to comment: “We expect alpha-seeking investors to move their portfolios towards cyclical businesses that posted respectable earnings during the Q2-22 reporting season amid the yield rise in the FI market.jamb result
“However, we think the absence of a near-term catalyst will likely skew overall market sentiments to the negative side, particularly as the political space gets heated.
“Notwithstanding, we reiterate the need for positioning in only fundamentally sound stocks as the unimpressive macro environment remains a significant headwind for corporate earnings.”
Analysts at Vetiva Dealing and Brokerage also said: “Depicting this week’s lackluster sessions, was the average weekly volume of 141 million units, a 25 per cent decline from last week’s 189 million units.
“Given the absence of any major positive catalyst in the market coupled with the current inflationary pressure, we expect a slow start to the week.”
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