from OKORO CHINEDU in Lagos, Nigeria
Nigeria Bureau
LAGOS, (CAJ News) – THE Nigeria Exchange Group (NGX), the local stock market, remains subdued as investor caution persists.
The All Share Index closed slightly below 105 500 points, reflecting a 0,1 percent decline on Wednesday.
Market performance was mixed, with six out of 20 sectors posting gains, while five sectors ended the day in the red.
“This neutral market sentiment indicates investor caution, as market participants await further clarity on the direction of the economy,” said Daniel Wesonga, Senior Sales Manager at Pepperstone.
The technology services sector emerged as the top performer, advancing by 2,19 percent, while the financial sector gained 0,33 percent, led by Guaranty Trust Holding and supported by United Bank for Africa and Fidelity Bank.
However, Zenith Bank and First Holdco underperformed, closing lower by 1,11 percent and 0,69 percent, respectively.
The communications and manufacturing sectors saw notable declines of 0,76 percent and 1,38 percent, respectively.
Blue-chip stocks such as Dangote Cement and BUA Foods remained unchanged, indicating broader market indecision.
“At the same time, the stock market could find support in the increasing volumes of exports the country is recording,” Wesonga noted.
Additionally, he said, the creation of the African Continental Free Trade Area Central Coordination Committee, tasked with enhancing Nigeria’s regional export capacity, could also help drive improvements in the economy, supporting the stock market’s performance.
– CAJ News