The year-to-date growth of the Nigerian stock market measured by the Nigerian Stock Exchange All-Share Index moderated to two per cent last week as the bears maintained their tight grip on the market. The down trend in the market persisted with the market depreciating four out of the five trading days.
The NSE Banking Index shed 2.6 per cent due to losses suffered by Ecobank Transnational Incorporated and GTBank. Also, analysts at Cordros Capital said: “Amidst continued weak market sentiments, we advise investors to trade cautiously, taking positions in fundamentally justified stocks.” However, performance in the Asian and Middle East markets ended mostly on the green side as three of five indicators tracked appreciated. Turkey’s BIST 100 index posted the best gain, advancing 2.8 per cent following a $100 billion bilateral trade agreement with the US.
Trading in the top three equities namely, Zenith Bank Plc, Sovereign Trust Insurance Plc, and Guaranty Trust Bank Plc accounted for 636.624 million shares worth N10.123 billion in 4,539 deals, contributing 42.47 per cent and 56.53 per cent to the total equity turnover volume and value in that order.
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