The Nigerian Exchange Limited (NGX) extended its losing streak yesterday as investors adopted a cautious approach ahead of the upcoming Monetary Policy Committee (MPC) meeting.

The cautious sentiment led to a further decline in market capitalisation by N166 billion. At the close of trading, the market capitalisation of listed equities fell by 0.3, settling at N67.179 trillion, down from N67.345 trillion recorded the previous day. Similarly, the All-Share Index (ASI) dropped by 266.76 basis points, closing at 107,670.98 points, compared to 107,937.74 points in the previous session.

The ongoing market downturn reflects investor uncertainty as they await key policy decisions that could shape market direction in the coming weeks. On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “The latest inflation figures of 24.48 per cent y/y may boost investor confidence, potentially easing pressure on interest rates and improving liquidity flows into the equity market.

“We expect investors to keep an eye on monetary policy for guidance on rate direction as a shift to a more accommodative stance from the CBN could trigger more buy-side action from market participants.”

Analysts at Afrinvest said: “Investor sentiment, as measured by market breadth, worsened to -0.35x from -0.33x in the previous session as 16 stocks advanced, 40 declined. We anticipate the bearish mood to persist tomorrow, underpinned by extended cautious trading till CBN monetary policy committee decide on policy rate direction later in the week.”

On the price movement chart, Conhall Plc led gainers chart with 9.76 per cent to close at N3.71 kobo while SUNU Assurance followed with a gain of 9.58 per cent to close at N6.52 kobo. Neimeth international Pharmaceutical added 8.77 per cent to close at N3.35 kobo. Cornerstone Insurance increased by 7.03 per cent to close at N3.35 kobo. Wapic Insurance also rose by 5.88 per cent to close at N2.70 kobo.

However, The Initiated Plc recorded the highest loss,. dropping by 9.89 per cent to close at N4.01 kobo, Union Dicon trailed with a loss of 9.82 per cent to close at N7.35 kobo, UPDC was down by 9.09 per cent to close at N3.10 kobo, Royal Express also declined by 7.07 per cent to close at 92 kobo.

Volume of trades went down by 102.381 million, representing 20.03 per cent as investors traded 408.917 million valued at N11.261 billion in 14174 deals against 511.100 million shares worth N12.806 billion in 17095 deals.

Transactions in the shares of Access Holding Company led market activities with 54.769 million shares valued at N1.528 billion.

United Bank for Africa followed with account of 31.331 million shares worth N1.191 billion, Guinness Nigeria traded 30.285 million shares cost N2.241 billion, Fidelity Bank exchanged 19.930 million shares worth N382.404 million, Zenith Bank traded 15.846 million shares worth N803.257 million.