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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Stock market sheds N39bn amid increased trade volumeThe local bourse closed negative on Friday by 0.11 per cent week-on-week due to weak market momentum which saw investors losing N39bn.
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