Investors on the Nigerian Exchange Limited (NGX) faced sustained losses as the market saw a decline of N112 billion. This marks a continuation of a bearish trend that began earlier in the week, with Monday seeing a loss of N242 billion and Tuesday experiencing a N126 billion downturn. The trend persisted after the Senate confirmed Yemi Cardoso as the Central Bank of Nigeria’s governor. By Thursday, the NGX All-Share Index and Market Capitalization were down by 0.31% to N66,448.63 and N36.367 trillion respectively.
Key Points:
- The NGX has seen a series of losses this week, with investors facing a N112 billion loss on Thursday alone.
- The market has experienced a total loss of N490 billion due to the current downbeat market sentiment.
- Following Yemi Cardoso’s confirmation as the CBN governor, the banking index also suffered a loss.
- On Thursday, the NGX All-Share Index and Market Capitalization fell by 0.31% to N66,448.63 and N36.367 trillion respectively.
- Market activity was subdued, with total deals decreasing by 2.74%, totaling 6,826 trades. Trading volume and value both saw a decrease of around 25%.
- Top value losers included Vitafoam (-9.92%), FTNCocoa (-9.88%), Oando (-9.84%), John Holt (-9.39%), and United Capital (-7.20%).
- The insurance sector emerged as the biggest winner, posting a 0.83% increase. The banking and consumer goods sectors both recorded losses of 1.01% and 0.68% respectively.
- The oil & gas and industrial goods sectors remained unchanged from the previous session.
Analysis: The Nigerian Exchange Limited witnessed a sustained bearish trend this week, resulting in significant losses for investors. This downward trajectory, influenced by various market factors, has led to a total loss of N490 billion. The confirmation of Yemi Cardoso as the CBN governor appears to have contributed to this sentiment. It will be important to monitor market trends and investor sentiment in the coming sessions to assess how they may be impacted by ongoing economic developments.
Background: The Nigerian Exchange Limited (NGX) experienced sustained losses this week, with investors facing a decline of N112 billion on Thursday. This follows a bearish trend that began earlier in the week, with Monday seeing a loss of N242 billion and Tuesday experiencing a N126 billion downturn. This trend has been attributed, in part, to the Senate’s confirmation of Yemi Cardoso as the Central Bank of Nigeria’s governor. By Thursday, the NGX All-Share Index and Market Capitalization were down by 0.31% to N66,448.63 and N36.367 trillion respectively.