This is at the backdrop of a wait-and-see sentiment of investors towards the new leadership at the Central Bank of Nigeria, CBN, ahead of the third quarter 2023, Q3’23, earnings reporting season.
However, on Week-on-Week, WoW, investors lost over N516 billion, but Month-to-Date, MtD, loss dropped by over N91 billion.Similarly, another major stock market indicator, NGX All Share Index, ASI, WoW, dropped by 1.4% to close at 66.382.03 points as against N67,324.59 points the previous week.Meanwhile, analysis of last week trading showed that it was a brutal week for equity investors as the Nigerian stock market recorded losses in all four trading sessions of the week.
Reacting to market development, analysts at Invesdata,said:”We expect mixed sentiment on bargain hunting and portfolio repositioning ahead of Q4 in the face of sector rotation. As all eyes are on monetary policy drive of the New CBN Governor and his team.Biafra: Police release 87-year-old priest, 5 others arrested in Anambra