Stock Market Sustains Downward Trend, Drops by N3.54tn in Three Days
Kayode Tokede The stock market section of the Nigerian Exchange Limited (NGX) has continued its downward trend, dropping by N3.54 trillion in its third consecutive day trading activities. The market
The Nigerian stock market experienced a significant downturn, with a staggering N3.54 trillion drop over three consecutive trading days, as reported by Kayode Tokede. The market opened on a positive note Monday but plummeted to close on Thursday at N156.881 trillion, a decline of 2.21%. The NGX All Share Index, which started the week at 248,529.75 basis points, dropped to 243,017.38 basis points, reflecting a 2.27% decrease.
This market decline was attributed mainly to investor profit-taking on highly capitalized stocks such as HBM Nigeria, Unilever Nigeria, and 39 others. HBM Nigeria and Unilever Nigeria suffered significant losses, with the latter experiencing a 10% decrease. The overall sectoral performance was negative, with declines in NGX Consumer Goods, NGX Insurance, NGX Banking, and NGX Oil & Gas indices.
The stock prices of BUA Foods and MTN Nigeria Communications also saw decreases, further contributing to the market's downward trend. Analysts at Cowry Assets Management Limited predict the market will remain bearish, citing a shift in investor sentiment, though they foresee a potential recovery driven by portfolio adjustments.
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