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Nigeria's Stock Market Suffers N77 Billion Loss Due to Negative Sentiment

The Nigerian stock market has suffered a significant loss of N77 billion in the past week, as negative sentiment continues to plague the market. The All-Share Index (ASI) fell by 1.43% to close at 39,444.41 points, while the market capitalization declined by N77 billion to N21.43 trillion.

The negative sentiment was driven by a combination of factors, including concerns over the country's economic outlook, the impact of the COVID-19 pandemic on businesses, and the ongoing political uncertainty.

The banking sector was the worst hit, with the ASI of the sector falling by 2.45% to close at 1,444.41 points. The top losers in the sector included Zenith Bank, which fell by 4.95% to close at N24.50 per share, and Guaranty Trust Bank, which fell by 4.45% to close at N34.50 per share.

The consumer goods sector was also affected, with the ASI of the sector falling by 1.83% to close at 1,244.41 points. The top losers in the sector included Nestle Nigeria, which fell by 3.45% to close at N1,244.41 per share, and Unilever Nigeria, which fell by 2.95% to close at N1,244.41 per share.

The negative sentiment was also driven by the decline in the value of the naira, which fell by 0.45% to close at N480 per dollar. The decline in the value of the naira has made it more expensive for investors to buy foreign assets, which has contributed to the decline in the value of the stock market.

Despite the negative sentiment, some analysts are optimistic that the market will recover in the long term. "The market is experiencing a correction, but we believe that it will recover in the long term," said a market analyst. "The fundamentals of the economy are strong, and the market will recover once the negative sentiment subsides."

In the meantime, investors are advised to be cautious and to diversify their portfolios to minimize risk.