Nigerian equities exhibited declining momentum as the NGX All Share Index fell by 0.34% to 145,367.03 points. A broad market weakness was evident, with eight sectors closing lower and five remaining flat. Consumer durables and electronic technology showed gains, while financials and energy minerals lagged. The oil sector faced challenges, including a shortfall in revenue as production and prices fell below budget. However, signs of economic stabilization emerged, such as a forecasted trade surplus and stable exchange rates, which might help support equity markets in the future.
Despite the downturn, the broader economy may stabilize, with indications of a trade surplus exceeding USD 4 billion in Q1 2025. This could boost investor confidence.
Weakness in financials, transportation, and energy minerals reflects broader market challenges, attributed to significant shortfalls in oil sector revenue affecting investor sentiment.
#nigerian-equities #ngx-all-share-index #market-decline #oil-sector-challenges #economic-stabilization
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