Stock market extends losing streak as investors lose N235.38bn

BY TEMITOPE ADEBAYO

The Nigerian stock market continued its downward spiral for the eighth consecutive session, with the All-Share Index (ASI) shedding 42 basis points to close at 97,359.76 points. This decline marks a fourth loss for the market this week, putting it on track for a weekly loss.

The market’s downward trend was fueled by bearish sentiment towards major players such as MTNN, which lost 5 per cent, and FBNH, which declined by 2.15 per cent. However, gains in ZENITHBANK (+5.74 per cent) and ACCESSCORP (+0.27 per cent) were not enough to offset the losses.

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The market capitalization also took a hit, shedding N235.38 billion to close at N55.28 trillion. The year-to-date return slipped to 30.21 per cent. Trading activity was lower, with a 63.09 per cent decline in transaction value. FIDELITYBK led the volume and value charts for the second consecutive session, with 372.91 million units traded in deals worth N3.94 billion.

Despite the overall decline, market breadth closed positive, with advancing issues outnumbering declining ones at a 1.11-to-1 ratio. UCAP topped the gainers’ table with a 9.95 per cent increase, while MECURE led the losers with a 9.94 per cent decline.

The market’s prolonged losing streak and declining year-to-date return may indicate a shift in investor sentiment, potentially driven by the ongoing report season. As the market continues to react to earnings reports, investors will be watching closely for signs of a turnaround.