Key Takeaways
- Nigeria stock market dips by 0.5%
- Financial Services sector tops with 45% market volume
- Nigerians have increasingly turned to crypto-assets as a primary source of investment
The slight downturn was a decrease from the 0.1% profit recorded two weeks ago, and there were some interesting stats on display in the report.
The report also noted that investors lost 117 billion to liquidation over the seven days.
As expected, the Financial Services sector led the activity chart with more than N4 billion naira traded within the week.
Nigeria has an active financial sector, and it is not surprising that it constituted about 45% of the total market turnover volume.
The Conglomerates sector came in second with about N280 million traded, and the Consumer Goods took third with N185 million.
The top three trading entities include Transnational Corporation of Nigeria, Honeywell Flour Mill Plc, and Access Bank Plc.
Despite the high transactional value of the Nigerian Stock Exchange, it is limited mainly to institutions and an elite few.
This is due to the high brokerage fees set by brokers and the relative volatility of the market, which supports high-volume investors.
As a result, many Nigerians have turned to cryptocurrencies as an investment tool.
This development led to a bolstering crypto community that was prematurely halted by the CBN ban in February.
However, p2p platforms like Remitano provided Nigerians options to trade and hold cryptocurrencies without major consequences.
Subsequently, Nigeria returned to the top of the bitcoin African market ranking, according to recent reports.
With the impending launch of the e-Naira, there are hopes from the crypto community that it could herald the end of the crypto ban.
What are your thoughts on the Nigerian Stock Exchange
