Emmanuel OchayiThe stock market continued its downward trend on Wednesday as weak investor sentiment led to another day of losses. This marks the third consecutive day of negative performance, with bargain hunters failing to stabilise the market.
Since the beginning of the week, the Nigerian stock market has recorded a cumulative loss of approximately N563 million. The market, which opened the week with a capitalisation of N66.352 trillion, has now declined by 0.98 per cent, reflecting the ongoing volatility in the financial sector.
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On Wednesday alone, the market declined by 0.44 per cent, driven by significant sell-offs of key stocks. MRS Oil Nigeria Plc suffered the most notable loss, with its share price dropping from N178 to N162, marking a decrease of N16 or 8.99 per cent of its opening value.
Other companies that experienced losses included Livestock Feeds, which fell from N9.40 to N8.46, a 10 per cent drop. Similarly, Etranzact declined from N5.85 to N5.30, losing 55 kobo or 9.40 per cent. Coronation Insurance shares also dropped from N2.59 to N2.35, losing 24 kobo or 9.27 per cent, while May & Baker recorded a decrease from N8.70 to N8, shedding 70 kobo or 8.05 per cent.
The overall market has now declined by 2.70 per cent this month, reducing the year’s positive return to just 1.93 per cent.
Stock Market Capitalisation and Trading Activity
Persistent negative sentiment has pushed the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and market capitalisation lower. The ASI fell from 105,360.19 points to 104,915.13 points, while market capitalisation decreased from N66.068 trillion to N65.789 trillion.
Despite the market’s poor performance, trading activity remained strong, with 1,366,555,194 shares exchanged in 12,012 deals, amounting to a total value of N12.374 billion. Some of the most actively traded stocks on Wednesday included Sovereign Trust Insurance, Fidelity Bank, Access Holdings, Jaiz Bank, and Zenith Bank.
Market Outlook and Investor Sentiment
The decline in the stock market reflects broader economic concerns, as investors remain cautious amid uncertainties in the financial landscape. Analysts predict that unless market conditions improve, further declines could be expected in the coming days.
Market watchers are looking for signs of recovery, particularly from institutional investors who may step in to stabilise the market. Until then, the negative trend in the stock market is likely to continue, impacting investor confidence and overall market performance.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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