The stock market of the Nigerian Exchange Limited closed on a negative note from the prior week in four out of five trading sections due to continued sell-off in some stocks by investors who are beginning to position for the earning season.
Sectoral performance was largely bearish. The NGX Banking index declined by 0.31 per cent. NGX Insurance index recorded a weekly loss of 2.53 per cent, while NGX Oil & Gas index dipped by 0.41 per cent. On the other side, the NGX Consumer Goods Index and NGX Industrial Index rose by 1.42 per cent and 0.15 per cent respectively W-o-W.
Overall, a total turnover of 822.404 million shares worth N10.366 billion in 20,643 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 1.348 billion shares valued at N24.487 billion that exchanged hands previous week in 22,155 deals. The stock market trading activities for this week will be a short one on the NGX as the federal government declared Monday 11th and Tuesday 12th July 2022, as public holidays to mark this year’s Eid-el-Kabir celebration.