- Investors Lose N90bn as Bearish Trend Continues
The Nigerian Stock Exchange (NSE) has refused to call the bottom this week despite improved oil outlook.
The stock market extended its bearish trend amid uncertainty surrounding government policy after the general elections.
The market capitalisation of listed equities declined from N11.607 trillion on Monday to N11.517 trillion on Thursday. Representing a decline of N90 billion or 0.8 per cent.
The gauge of the market, the Nigerian All-Share Index dropped 240.08 points from 31,125.39 to 30,885.31.
The decline was due to a huge selloff in banking and oil & gas sectors, both sectors declined by 3.28 per cent and 0.35 per cent, respectively.
Analysts at APT Securities and Funds Limited said: “Equity market is expected to close northward week on week. Howbeit, the index might move either way in today’s trading section as yesterday’s bullish market breath suggested a likely turnaround.”
They said low foreign participation is hurting market sentiment despite good fundaments, however, they were optimistic the market will rebound once the current administration makes known its economic policy for the new term.