By The Nigerian stock market started the week on a negative note as investors saw a loss of N72 billion. The All-Share Index (ASI) dropped by 116.21 points, or 0.11%, bringing it down to 107,937.74 points.
The market capitalization also fell by N72 billion, settling at N67.346 trillion. This decline was mainly due to the decrease in the prices of large and mid-cap stocks like Oando, VFD Group, Eterna, PZ Cussons Nigeria, and Ikeja Hotels.
Despite the loss, experts remain hopeful for the future of the market. United Capital Plc mentioned that the market might regain its positive momentum in the coming weeks, as investors anticipate earnings reports and potential corporate actions in 2024.
However, the overall sentiment remains cautious. The elevated interest rates in the fixed-income market continue to influence investor behavior, contributing to bearish sentiment in the stock market.
Analysts believe that while the equities market may see some positive movement, there will likely be lingering concerns due to the economic environment, especially with high-interest rates.
Looking ahead, investors are expected to be more selective in their stock choices as they navigate through the current economic challenges. Market watchers will closely monitor upcoming corporate earnings to gauge the direction of the market in the near future.
