The Nigerian stock market concluded the trading week ending Friday, April 12, on a negative note, recording a decline of 1.09 per cent. Investors witnessed a significant loss of approximately N638 billion during the review trading week.
The downturn in the market was largely attributed to notable declines in banking, insurance, and consumer goods stocks, contributing to the market’s southward trajectory. The market was operational for only two days due to public holidays observed for Eid El-Fitr.
In anticipation of dividend payouts and responding to fresh corporate actions, analysts from Futureview Research had forecasted a mixed performance in the equities market. They suggested that investors may shift focus towards the fixed income market, influencing short-term investment decisions. However, a resurgence of buying interest in the equities market was anticipated, driven by upcoming corporate actions and earnings reports, enticing investors seeking dividend payments.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalization experienced a decline from week-open levels of 103,437.67 points and N58.498 trillion respectively, to 102,314.56 points and N57.860 trillion. Month-to-date (MtD), the stock market has recorded a decrease of 2.15 per cent, while the year-to-date (YtD) return stood lower at 36.83 per cent.
