The equities market in Nigeria sustained its downward trend as investors lost N601.29 billion over the week.
The market capitalization of all listed equities fell by 2.1% to N28.268 trillion from N28.869 trillion.
The All Share Index (ASI) closed lower at 51,893.94 points due to losses in Airtel Africa Plc, Lafarge Africa Plc, and Zenith Bank Plc.
The insurance, banking, and industrial goods sectors also recorded losses while the consumer goods and oil and gas sectors closed flat. Despite this, there was a surge in traded volume by 163.5% to 541.98 million shares, and traded value increased by 6.7% to N2.36 billion.
Analysts predict that the market will turn positive in the near future due to the moderation in the prices of some big cap stocks and the expected release of Q1 financial reports.
They also believe that positive Q1 earnings releases may influence investors’ sentiments in the medium term. However, market players are expected to trade cautiously ahead of the March 2023 inflation numbers and Q1 earnings expectations due to insecurity and post-election jitters in Nigeria’s macroeconomy.
Investors are advised to trade on companies’ stocks with sound fundamentals and a positive outlook.