Nigerian stock investors booked approximately N335billion loss in the trading week ended October 4, 2019.
The value of listed stocks and the NSE All Share Index (ASI) stood remarkably low at N13.137trillion and 26,987.45 points respectively as against N13.472 trillion and 27,675.04 points recorded at the preceding week close.
The review week’s trading sessions were dominated by the bears as investors engaged in profit taking action on gains made in the previous week.
The stock market’s Year-to-Date (YtD) negative return has increased to -14.14percent. The Nigerian Stock Exchange ASI decreased by 2.48percent in the review week. Month-to-Date (MtD), the market has decreased by 2.33percent.
The record loss in the domestic market came on the heels of the heavyweights experiencing sell pressure in the four-day trading week.
Amongst other sectoral indices, the worst hit was the Consumer Goods Index (-4.92percent); followed by NSE Banking Index (-3.94percent); while NSE Insurance Index increased most by 5.71percent, and that of Industrial Goods which gained 0.14percent.
The negatives also came despite market watchers earlier expectation that stock investors will consider buying some fundamentally sound stocks especially those now trading at lower levels.
With most bellwether stocks declining in the review trading week and subsequently trading at their lows, analysts expect discerning investors to begin position taking in fundamentally sound stocks.