Investors In Stocks Lose N91 Billion In September As The Market Declines By 0.25%

 

The value of investors' holdings in Nigeria's stock market fell by N91 billion in September as the market fell by 0.25 percent as profit-taking sessions followed an August rise.

The market's positive return for the nine months ending in September was lower, at +29.52 percent.

As of Friday, September 29, the final trading day of the month, the market's All-Share Index (ASI) and equity market capitalization, which had begun September at 66,548.99 points and N36.422 trillion, respectively, had fallen to 66,382.14 points and N36.331 trillion.

Despite predictions that investors would position themselves in value stocks in anticipation of being eligible for their half-year (H1) interim dividend, September's closing price was negative.

Instead, during the review trading month, more investors were wary of the macroeconomic prospects for the country, notably developments on the foreign currency (FX) market, which have a direct impact on foreign investments in stocks.

The market dropped 0.25 percent this month, down from an increase of 3.44 percent in August, as bearish sessions predominated.

According to analysts at Vetiva Research located in Lagos, "With no positive driver in the market, we anticipate similar mixed trading sessions next week, as investors start to look forward to third quarter (Q3) earnings report."