Nigeria’s stock market closed in the negative at the end of the week, with the Nigerian Exchange (NGX) All Share Index (ASI) falling by 0.2% to 97,236.19 points, down from 97,432.92 points. Market capitalization decreased by N118 billion to N58.92 trillion.
Profit-taking and mixed market sentiments led to declines in major stocks, including Transcorp, MTN Nigeria, and Airtel Africa. Despite the downturn, sectors like energy saw buying interest, with investors responding to high volatility and the release of Q3 earnings reports, which showed promising results for several companies.
Analysts suggest that many stocks on the NGX remain undervalued, offering high upside potential. They expect mixed sentiment to continue, driven by low valuations, sector rotation, and portfolio rebalancing. Investors are encouraged to take advantage of market pullbacks and price corrections, considering both domestic and global factors influencing the market.
