Sell pressure dominates stock market as investors lose N604bn
Investors in the stock market lost N604 billion in one week as sell pressure dominated the market on all trading days – reversing the previous week’s gain.
The all-share index (NGX ASI), a barometer used to measure the performance of listed equities, depreciated by 2.93% to close the week at 38,324.07. At the same time, the market capitalisation fell to N19.975 trillion from N20.579 trillion last week.
On year-to-date, the local bourse declined by 4.8%.
So far in 2021, the equities market recorded its best performance in January, with a 5.37 percent increase after investors gained N1.1 trillion on the back of low yields in Treasury Bills (Tbs).
At the end of the week, 41 companies depreciated in share prices — led by C&I Leasing Plc, Royal Exchange Plc, Linkage Assurance Plc, Sunu Assurances Nigeria Plc and Airtel Africa Plc.
On the flip side, 21 companies recorded an increase in share prices, with Eterna Plc, Prestige Assurance Plc, Sterling Bank Plc and MRS Oil Nigeria Plc leading the top gainers’ chart.
Market analysts expect depreciation to continue in the absence of any positive catalyst.
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