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Investors lose N103bn as insurance, banking stocks decline

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The NGX Insurance Index led the losers during the Sallah holiday-shortened week, falling by 1.32 per cent week-on-week.

The NGX 30 Index followed with a 0.16 per cent decline, and the NGX Banking Index fell by 0.04 per cent week-on-week.

Specifically, sell pressure witnessed in the declined sectors led to negative price movements in the stocks of VFD Group, AIICO, Insurance and AXA Mansard. 25 equities depreciated in price higher than 24 in the previous week, while 76 equities remained unchanged, lower than 79 recorded in the previous week.

This contributed 74.80 and 70.37 per cent to the total equity turnover volume and value respectively. Meanwhile, looking ahead to the next week, analysts at Cowry Asset Management Ltd. have predicted that the local bourse will trade in mixed sentiment.

 

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