The Nigerian inventory market, as tracked by the All-Share Index, closed the week ended twenty ninth August in unfavorable territory, shedding 708.64 factors to settle at 140,295.50.
This represents a 0.50% decline from the 141,004.14 factors recorded at the beginning of the week, extending the market’s shedding streak to a 3rd consecutive week.
Buying and selling exercise additionally slowed, as market quantity dipped to three.2 billion shares in comparison with 4.1 billion shares within the earlier week.
Market capitalization adopted the downtrend, slipping by 0.49% to shut at N88.76 trillion, from N89.2 trillion every week earlier.
The week started on a vibrant be aware with the index advancing 0.31% on Monday and sustaining the momentum on Tuesday.
Nevertheless, bearish sentiment resurfaced by midweek, dragging the market decrease from Wednesday via Friday and in the end erasing the early beneficial properties to go away the index with a web weekly decline of 708 factors.
Key highlights
Main the pack was MCNICHOLS PLC, which soared 18.75% week-to-date, marking a standout efficiency. NEM INSURANCE PLC adopted intently with a 17.29% achieve.
Different main gainers included:
On the flip facet, SECURE ELECTRONIC TECHNOLOGY PLC led the laggards, shedding 22.73% week-to-date. GUINEA INSURANCE PLC adopted with a 19.77% drop.
Different notable decliners had been:
The week was marked by a number of key company disclosures and sector-wide developments:
Market outlook
After a robust rally in July, the All-Share Index seems to be in a pullback part in August. The retreat may intensify if bearish sentiment continues into the following buying and selling week.
An extra dip in investor confidence, particularly amongst large-cap shares, might immediate a sharper decline within the index.
