Nigeria’s stock market faced another turbulent week, with investors grappling with sustained sell pressure that erased about ₦532 billion from the market.
Hopes of a rebound faded as the market struggled, recording just one positive session while declining for four days, which pushed key indices lower.
Market Declines Deepen
The Nigerian Exchange (NGX) dropped by 0.94% over the week, adding to the month’s overall 2.65% decline.
Meanwhile, the market’s year-to-date return, which had started positively, weakened to +1.98% by the week’s close.
Key Sectors Take A Hit
Investors aggressively offloaded shares in industrial, banking, insurance, and oil & gas sectors, leading to sharp declines in these areas.
Read Also: Apple Accused Of Deceptive Marketing In New Lawsuit
In contrast, demand for consumer goods stocks remained mild, offering a small cushion against the broader sell-off.
Four Days Of Losses Overpower A Single Day Of Gains
Despite analysts’ cautious optimism that bargain hunters would step in, sellers dominated the market.
Investors managed to push the NGX up on just one trading day, but this brief recovery was overshadowed by four consecutive days of losses.
Market Indicators Reflect The Downturn
As a result, the NGX All-Share Index (ASI) fell from 105,955.13 points at the start of the week to 104,962.96 pointsby Friday’s close.
Similarly, the equities market capitalisation, which had opened at ₦66.351 trillion, dropped to ₦65.819 trillion.
Hope For Investors?
With uncertainty lingering, market watchers will closely monitor whether buyers regain confidence in the coming weeks or if the selling trend continues to weigh down the Nigerian stock market.
