amidst the on-going recapitalisation exercise across banking and other sectors.
Financial analysts have stated that activities will, as expected, be dominated by primary market activities of banks and other companies raising funds to recapitalise their businesses. The Year-to-Date, YtD return ended at 33.8% with market capitalisation closing on Friday at N56.580 trillion from N56.691 the previous week. Trading activity showed that the total traded volume and value decreased by 14.6% W/W and 37.6% W/W, respectively.
Commenting on the market development, analysts at Cordros Research said: “As the half-year earnings season approaches, we believe investors will look for signs of improvement following the broadly lackluster Q1-24 corporate earnings. Consequently, we expect mixed market performance in the coming week, with bargain hunting balanced by intermittent profit-taking activities.”
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Investors lose N49bn as stock market continues downward trendThe domestic bourse continued its downward trend on Tuesday as investors sold off banking, consumer and industrial stocks.
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Investors lose N49 billion at Nigerian stock market TuesdayThe All-Share Index also dropped 0.09 per cent or 87 points to close at 99,217.60, compared to 99,304.12 recorded on Monday.
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