The Nigerian stock market faced significant pressure, particularly within the banking sector, following the Central Bank of Nigeria's announcement of a proposed recapitalization late last month. This move has prompted a wave of profit-taking among investors, leading to a substantial N633 billion loss in market valuation. As a result, the total market capitalization of all listed equities declined to N57.87 trillion, down 1.1% from N58.498 trillion at the end of the previous week.
The market's downturn was further exacerbated by a holiday-shortened trading week, which saw a dramatic reduction in trading activity. Both the total trading volume and value plummeted, decreasing by 69.2% and 50.5% week-on-week, respectively, settling at 734.04 million units and N31.58 billion. This reflects the heightened caution among investors as they navigate the implications of the banking sector's recapitalization.
Host: Adebola Adedugba
Guest: Akin Fatunke, Chartered Accountant & Financial Analyst, Lagos, Nigeria
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