Experts predict a gloomy outlookConsequently, the NGX market capitalisation depreciated by N767 billion from N28,681 trillion recorded at the close of transactions on Friday, June 10, 2022, to N27,914 trillion on Friday. The all-share index also plunged by 1,423.28 points or 2.7 per cent to 51,778.08 from 53,201.36.
The stock market opened for four trading days as the Federal Government declared Monday, June 13, 2022, a public holiday to commemorate the 2022 Democracy Day celebration. Reacting to market performance, Vice President of Highcap Securities, David Adonri, said the rising insecurity in the country and other macroeconomic challenges, coupled with uncertainty in the global economy are fueling the decline in the equities market.
Analysts from Vetiva Dealing and Brokerage said: ” With continued sell-offs amid bearish sentiment in the market, we expect to see mixed trading sessions next week as investors continued to trade cautiously.” Trading in the top three equities namely United Bank for Africa Plc, Sterling Bank Plc and Transnational Corporation Plc accounted for 304.8 million shares worth N1.3 billion in 2,103 deals, contributing 32.1 per cent to the total equity turnover.