Lagos — Nigerian stocks are expected to experience limited gains as traders continue profit-taking following a modest decline earlier in the week. Equity capitalization fell to NGN 64.251 trillion, losing NGN 51 billion, while the NGX All-Share Index dropped to 105,367.25 points.
Market performance remained negative with 25 gainers, including Cap, Neimeth, and Livestock, and 33 decliners, led by Lasaco, Nnfm, and Academy. Tantalizer dominated trading volume, while GTCO led in terms of value.
The market’s mixed performance reflects investor caution, weighed down by external uncertainties and internal pressures. The negative direction signals a bearish short-term sentiment, though selective gains in certain stocks offer some support for the market.
Meanwhile, the Central Bank of Nigeria (CBN) has introduced two new account products: the Non-Resident Nigerian Ordinary Account and Non-Resident Nigerian Investment Account.
These accounts are designed to improve financial access and investment opportunities for Non-Resident Nigerians (NRNs), facilitating fund management and investments like Diaspora Bonds.
The CBN’s initiative is expected to provide long-term support for Nigeria’s financial markets by increasing diaspora participation and strengthening liquidity.
While the immediate impact may take time to materialize, these measures could attract foreign inflows and instill greater market confidence, offering stability and growth potential for the economy in the medium to long term.
*Daniel Wesonga, Senior Sales Manager at Pepperstone
