The Nigeria All Share Index closed the month of August in red as investors battled with macroeconomic headwinds and uncertainty around bank recapitalization.
The NGX All Share Index fell by 1.22% in the month of August marking back-to-back monthly losses after it fell 2.28% in July.
This is also the first-time stocks have fallen in consecutive months since April 2023 suggesting bears are in firm control.
The Nigeria All Share Index which represents all stocks fell 1.22% in August dominated by losses by large cap stocks, the NGX Premium Index.
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The All Share Index year to date return has now fallen to 29.1% down from the March 2024 high of 39.8%.
Stocks have now posted losses three months out of eight this year with April experiencing the largest drop at a whopping 6%, the largest monthly drop since January 2021.
In total, 50 stocks fell in the month of August while 64 stocks gained with the remaining stocks ending flat at 0%.
Driving the gainers chart for the month of August is Oando Plc topping the gainers chart with a whopping 435.9%. The stock gained 60.7% in the last week of August alone.
Oando’s gaining streak came on the back of a string of positive news, especially the acquisition of a significant stake in Agip upstream asset.
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