Stock market extend losses, 55 stocks depreciate; 20 record capital gains

By Peter Egwuatu
Share prices of 55 companies listed on the Nigerian Exchange Limited (NGX) depreciated last week following profit taking by the investors. However, 20 stocks appreciated in price during the week under review.
The week’s performance highlights the market correction facing the stock market as investors reassess their portfolios following the substantial gains recorded earlier in the year.
Although selected stocks attracted buying interest, the recovery was not broad enough to offset losses in influential stocks, leaving the overall market sentiment negative.
Analysts emphasised that the decline also came against the backdrop of rising international oil prices, which...