Nigerian equities market records worst weekly losses
A concerning development!
According to recent reports, the Nigerian equities market has recorded its worst weekly losses in 2023, with the All-Share Index (ASI) declining by 4.3% to close at 43,555.44 points. This represents a significant drop of 1,944.11 points from the previous week's close.
The market's performance was largely driven by profit-taking in some of the market's bellwether stocks, including Dangote Cement, Nestle Nigeria, and Guaranty Trust Bank. The decline was also attributed to the ongoing global economic uncertainty, which has led to increased volatility in the market.
Some of the key indices that were affected by the decline include:
- The ASI, which fell by 4.3% to 43,555.44 points.
- The Market Capitalization, which declined by 4.2% to N24.3 trillion.
- The NSE 30 Index, which fell by 4.1% to 1,444.99 points.
The decline in the market has also led to a significant increase in the number of losers, with 44 stocks recording losses, while only 14 stocks recorded gains.
The Nigerian equities market has been experiencing a mixed performance in recent weeks, with some weeks recording gains and others recording losses. The market's performance is largely influenced by global economic trends, as well as domestic factors such as inflation, interest rates, and government policies.
Investors are advised to remain cautious and monitor the market's performance closely, as the situation may continue to evolve in the coming weeks.