Stocks This Week: Investors’ rush to reap gain lifts year-to-date loss to N601 billion

The market faced new headwinds this week from desperation by investors pursuing yield in equities with recently garnered gains, forcing how much stocks have lost this year to cross N600 billion., Nigeria’s biggest bank by asset, issued its half-year audited financials, which came with strong improvement across key performance parameters but that hasn’t made a marked difference in the broader market.

Yet, the pivot the market and possibly the economy needs to reverse current setbacks could emerge if the earnings reports of three other big banks – GTCO, FBN Holdings and UBA – turn out significantly positive when they are released in the days ahead. All the key market performance indicators declined this week. Market breadth ended in the negative, drawing 36 laggards against 26 gainers.

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