The Nigerian stock market opened the week with bearish sentiment, particularly affecting banking stocks. Investors have been offloading shares in financial institutions, leading to a decline in the NGX All-Share Index.
According to investment firms Afrinvest Securities Limited and Atlass Portfolios Limited, market sentiment has turned negative, with investors being advised to reduce holdings in banking, oil and gas, consumer goods, and industrial stocks. The reluctance to place new buy orders has been linked to investor focus on the fixed income market, where interest rates currently offer returns above inflation.
Market Trends and Early Losers As of mid-day, the NGX All-Share Index was down by 0.05%, according to Alpha Morgan Capital Limited. This decline was attributed to significant sell-offs in medium- to large-cap stocks.
Among the early losers were:
- UCAP (-2.00%)
- ACCESSCORP (-1.89%)
- DANGSUGAR (-0.97%)
- STERLINGNG (-0.84%)
- ZENITHBANK (-0.81%)
- UBA (-0.53%)
Investors are closely monitoring market developments as they reassess their portfolios in response to shifting economic conditions.
