The Nigerian stock market has experienced mixed results in early October 2024, showing a general decline amid profit-taking activities and investor caution. The NGX All-Share Index dropped by 0.33% on the first trading day of the month, with a loss of approximately N187 billion in market capitalization, which now stands at N56.448 trillion. This decline was driven primarily by decreases in the banking sector, though the consumer goods and insurance sectors posted slight gains​.
Sector-wise, the oil and gas sector performed strongly, with a notable 7.29% increase, bolstered by gains in SEPLAT Energy and other stocks. In contrast, the banking sector fell by 2%, partly due to declines in stocks like FBN Holdings and Fidelity Bank​. The Nigerian market is currently navigating both internal challenges and global economic pressures, making it a challenging environment for investors.
