Abstract：With continued declines and a surge in sell-offs, the Nigerian stock market has lost ₦563 billion in market value this week.
The Nigerian stock market faced ongoing pressure this week, with a 0.44% drop on Wednesday marking the third consecutive day of losses. The market value fell from ₦66.352 trillion to ₦65.79 trillion, erasing about ₦563 billion.
MRS Oil Nigeria Plc was the major drag, plummeting nearly 9%, contributing significantly to the overall market decline. Other stocks, such as Livestock Feeds, eTranzact, and Coronation Insurance, also saw steep declines, leaving the market in a generally pessimistic mood.
The market downturn was primarily driven by large-cap stocks facing sustained sell-offs. Stocks like MRS Oil, Transcorp, and Oando saw continued weakness, triggering bearish sentiment. Furthermore, the lack of positive news and economic uncertainty weakened investor confidence, with little buying interest at lower levels.
Analysts generally remain cautious about the short-term market outlook, with selling pressure continuing to dominate trading.
Looking ahead, the Nigerian stock market faces both external uncertainties and weak internal fundamentals. While some individual stocks like Julius Berger and Wema Bank showed modest rebounds, the broader market remains in a weak state.
The market will continue to focus on economic data, policy signals, and global market developments to assess whether the market can stabilize. Until then, volatility is likely to persist, and investors need to stay vigilant.
