Nigeria Stocks Slip as Oil and Banks Fall
Nigeria's All-Share Index slipped 0.02% on Monday as oil and bank shares fell. Lagos also hosts a Rotary peace summit on 7 November. The post Nigeria Stocks Slip as Oil and Banks Fall appeared first on The Rio Times .
Nigeria's main stock market index fell 0.02% on its first trading day of November, with oil and bank shares leading the decline while insurers and industrial firms saw gains. The NGX All-Share Index closed at 254,245.21 points, marking a 0.02% decrease from the previous close of 254,299.49. Oil, gas and bank stocks were primarily responsible for the drop, while the index remains up 63.38% year to date.
The market value declined by NGN 35.25 billion (approximately US$26 million) to NGN 165.08 trillion (approximately US$123 billion). The NGX Oil and Gas Index dropped 3.75%, the largest among the main sector indices, while the banking index fell 1.79%. The industrial and insurance indices showed gains of 3.34% and 0.93%, respectively, helping to cushion the overall market decline.
The market saw 517.26 million shares traded, a 48.15% decrease compared to the previous day's volume, worth NGN 47.48 billion (about US$35 million). No official statement from the exchange or companies explained the cause of the losses in the energy and banking sectors.
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