The Nigerian equity market continued its downward spiral, with investors suffering a staggering N785 billion loss.
The sustained decline has sparked concerns among market participants, who are closely monitoring the situation.
Markets extended their losing streak, with the All-Share Index plummeting 1.39% week-over-week to 98,152.91, below the key 100,000 level for the second consecutive week. This marks the fourth straight week of declines in April, according to market reports.
Analysts attribute the downturn to a combination of factors, including global economic uncertainties, domestic inflationary pressures, and geopolitical tensions.
According to sources in the local media, several sectors witnessed a decline, with banking, consumer goods, and industrial stocks among the hardest hit.
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Commenting on the development, market analysts have advised investors to exercise caution and consider diversifying their portfolios to mitigate risks during this volatile period.
Also, despite the challenging market conditions, analysts at Cowry Research, however, remain optimistic about the market’s long-term prospects.
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They emphasize the importance of staying informed and adopting a prudent investment strategy to navigate through turbulent times.
