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Last week, the stock market experienced a sell-off in the shares of major companies, causing investors to lose N784 billion.
Despite some signs of recovery in the banking sector, the market remained in negative territory. Analysts had predicted profit-taking activities due to the suspension of Dangote Foods merger and reactions to the banking sector recapitalization.
The Nigerian Exchange Limited (NGX) All Share Index (ASI) declined by 1.39 percent to 98,152.91 points, with MTN Nigeria Communication Plc, FBN Holdings Plc, and Nestle Nigeria Plc being the biggest losers.
However, Guaranty Trust Company (GTCo) Plc, Stanbic IBTC, and Zenith Bank Plc saw some positive movement. The market capitalization fell to N55.512 trillion from N56.296 trillion.
The banking sector led the decliners, followed by the oil and gas sector, while the industrial goods sector saw some growth.
Trading volume and value increased, but analysts at Cordros Capital believe the negative trend will likely continue in the short term unless there are positive catalysts for a rebound.
