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Investors Lament As Nigeria’s Stock Market Lost Nearly N807 billion

by admin
June 27, 2022
in Business, Featured, Latest News
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Nigeria’s stock market fell for the second week in a row, resulting in a loss of nearly N807 billion for investors.

According to NGX’s trading data, market capitalisation fell to N27.874 trillion at the close of Friday’s trading from N28.681 trillion on Friday, June 10th.

In the Stock Exchange, the market capitalization represents the sum amount of all investors’ worth.

The All Share Index (ASI) fell to 51,705.61 points last Friday from 53,201.38 points on June 10th, in a similar fashion to the S&P 500.

As a result, economists are urging investors to exercise caution this week until corporations report their 2022 half-year financial results.

Investors were also encouraged to stick to fundamentally sound stocks in order to reduce their exposure to price fluctuations.

While Dangote Cement and BUA Cement’s losses on the first trading day of the week were offset by cumulative gains of 1.9 per cent as of Friday, the Nigerian Exchange Limited, NGX suffered its second weekly loss, according to Vanguard, which tracked market performance.

All Share Index closed at 51,705.61 points, down 0.1% from the previous week’s figure. Profit-taking actions resulted in losses of 3.2% for BUA Cement, 0.7% for Dangote Cement, 5.5% for Nigerian Breweries, and 3.2% for WAPCO.

This resulted in a return of -2.4% for the month to date and a return of 21.0% for the year to date. However, trade volume and value climbed by 19.1 per cent w/w and 19.2 per cent w/w, respectively, compared to the previous week.

For the week ahead, Cordros Capital Limited analysts predict bumpy trading to continue as investors continue to cherry-pick equities with high dividend yields while still remaining cautious about leaving gains on the market. As a result of the sluggish macroeconomic backdrop, we recommend that investors only invest in companies that are fundamentally warranted.

“Investors should avoid the bear trap by trading on stocks of companies with strong fundamentals and a positive outlook.”

Tags: Nigeria's Stock Market
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