NGX records first negative close in holiday-shortened week

Nigeria’s equities market on Thursday recorded its first negative close in this holiday-shortened trading week.

The NGX All-Share Index (ASI) decreased by 0.19 percent, following record sessions of positive closes in early trading this week.

All key sectoral indices closed Thursday in red, with major profit taking seen in banking, insurance and consumer goods stocks.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased from preceding day’s 98,230.92 points and N56.446 trillion respectively to 98,049.04 points and N56.316trillion.

The market’s year-to-date (YtD) return decreased to 31.13 percent. In 9,848 deals, investors exchanged 473,091,884 shares worth N11.359 billion.

Ahead of Thursday’s trading session, analysts at Lagos-based Vetiva Research anticipated a cautious but opportunistic market environment.

“The gains in the oil and gas sector could attract further interest. However, current profit taking in the consumer goods sector, could temper broader market gains.

“Investors are expected to remain selective, focusing on fundamentally sound names,” they added.