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Unimpressive macro environment depresses stock market

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Sell pressure on Dangote Cement forced down the share price by 8.5%, offsetting the gains in BUA Foods and Airtel Africa to trigger a 0.1% WoW decline in the NGX All-Share Index to 67,324.59 points.

The Nigerian Exchange Limited, NGX, has recorded a second consecutive sluggish week, as sell pressures from highly capitalized stocks persists Week-on-Week, WoW at the backdrop of the unimpressive macro environment which remains a significant headwind for corporate earnings, according to analysts.

As a result, the Month-to-Date, MtD, and Year-to-Date, YtD, gains moderated to +1.2% and +31.4%, respectively.Further analysis showed that the decline was mainly driven by increased selling activity in Oando, which had been on a nine-session winning streak, as well as banking giants like Guaranty Trust , GTCO and Sterling Holding along with the industrial goods company Dangote Cement .

The total trading volume saw an impressive 151.53% expansion to 1.03 billion units while the total value traded down 16.79% to N4.35 billion.

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