The Nigerian stock market shed N368 billion last week following profit-taking activities by some investors after the massive gains in January. The market had appreciated by N1.1 trillion in January due to sustained high demand for stocks.
Apart from profit-taking, analysts stated that some investors sold down in anticipation of uptick in yields in fixed income market as the Central Bank of Nigeria hiked rates in the Open Market Operations . Meanwhile, investors traded 2.767billion shares worth N29.685 billion in 31,380 deals last week in contrast to a total of 2.570 billion shares valued at N27.884 billion that exchanged hands last week in 31,466 deals.
The price movement chart showed that 22 equities appreciated in price last week lower than 41 equities in the previous week, while 60 equities depreciated in price.
Still bad government with no good policy