Nigerian Stock Market Extends Losing Streak - InsideBusiness - Business News in Nigeria
TheNigerian stock marketrecorded a third straight weekly decline as continued profit-taking in blue-chip stocks weighed on investor sentiment, although the latest losses were smaller than in the previous two. . .
TheNigerian stock marketrecorded a third straight weekly decline as continued profit-taking in blue-chip stocks weighed on investor sentiment, although the latest losses were smaller than in the previous two weeks. Trading data from theNigerian Exchange Limited (NGX)showed that market capitalisation fell by₦1. 8 trillion, closing at₦147. 102 trillion, down from₦148. 905 trilliona week earlier. The decline followed losses of₦5. 6 trillionthree weeks ago and₦2. 4 trillionthe following week, suggesting the pace of the correction is slowing. Analysts said the sustained sell-off reflects an ongoing market correction across major sectors. TheNGX All-Share Index (ASI)also dropped by1. 2 per cent, ending the week at229,240. 34 points, compared with232,049. 02 pointspreviously. Among the biggest drags on theNigerian stock marketwereMTN Nigeria, which declined by9. 6 per cent,Dangote Cementby7. 5 per cent,Aradelby10. 0 per cent,WAPCOby8. 3 per cent,Zenith Bankby7. 1 per cent, andGTCOby5. 4 per cent. Despite the recent downturn, the market’s month-to-date and year-to-date returns stood at1. 6 per centand47. 3 per cent, respectively. Looking ahead,HighCap Securities LimitedChief Executive OfficerDavid Adonriexpressed confidence that theNigerian stock marketwould recover in the second half of 2026. He described the recent decline as a normal correction after the market delivered about62 per centreturns during the first five months of the year. Adonri also said politicians and some high-net-worth investors were selling shares to raise cash ahead of the general election. He added that stronger foreign exchange reserves, improved government revenue, higher oil production and better sovereign credit ratings have strengthened investor confidence. Analysts atCordros Capitalalso expect market sentiment to improve as investors gradually return to fundamentally strong stocks ahead of the half-year earnings season. However, they warned that high yields on government securities and expected primary market activities could continue to compete for investor funds. Do you expect theNigerian stock marketto rebound strongly in the second half of 2026?Post Views:118