The Business NG - June 26, 2024

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The Nigerian stock market experienced a significant sell-off on June 24, 2024, as investors reacted to economic uncertainty and the devastating impact of food inflation on the leisure industry. The NGXASI index fell by 1.96% as selling pressure dominated the market.

According to the Investdata Daily Sentiment Report, 60% of traders sold their shares, while 40% bought. The volume index stood at 1.96, indicating a moderate level of trading activity.

The report showed that some stocks like Accorp, Aiico, and Fbnh experienced high selling pressure, while others like CHH, Fidelity, and GTCO saw significant buying interest.

The Market Flow Index (MFI) stood at 66.61D, indicating a bearish trend. The MFI measures the amount of money flowing into and out of the market.

The report also showed that some stocks like Cileasing, CWG, and Wema saw 100% buying interest, indicating a strong demand for these stocks.

The sell-off was attributed to the economic uncertainty and the impact of food inflation on the leisure industry. Investors are cautious about the future prospects of the market and are selling off their shares to minimize losses.

The Nigerian economy has been facing challenges in recent times, including a high inflation rate, a weak currency, and a decline in economic growth. The impact of food inflation on the leisure industry has added to the woes of the economy, leading to a decline in investor confidence.

The sell-off in the stock market is a sign of investor sentiment and a reflection of the economic uncertainty in the country. As the economy continues to face challenges, investors are likely to remain cautious, leading to a bearish trend in the market.