Nigerian equity market was characterised by weak performances in November, which extended the downtrend on the back of dwindling investor confidence, and mixed economic fundamentals, causing market indices to dip further by N413billion in one month.
Analysts linked the poor performance to a combination of weak and mixed third quarter earnings, made worse by dwindling macro-economic indices that confirmed a slowdown reflected in the composite indices of the Nigerian Stock Exchange (NSE) for the month.
Indeed, at close of transactions last month, the sectorial indicators point to stagnation in the economy, with many companies unable to grow their sales revenue in the recent corporate earnings reports, despite all the domestic and foreign borrowing and huge budgets since 2015. These have not been helped either by the uncertainties now associated with next year’s general elections that have made the market close lower for the month under review, despite resisting decline for more than two weeks. During the period, the benchmark All-Share index side-trended, before giving up to sell pressure, after which it broke down support level to make lower lows on lower demand for stocks. Read More :

Category: Daily Market Report