Nigeria's stock market continues to slide

Nigeria's equities market continued its negative trend for the sixth consecutive session as global markets digest the results of the US elections. The NACO sharing index closed down about 7-10 of a percent, standing at 26,178 points. Andrew Tsaku, a Financial Markets Analyst at Kapital Care Trust & Securities, joined CNBC Africa to discuss the trading day and the potential impact of Donald Trump's presidential victory. There is speculation about the correlation between the market performance and the election outcome. While it is challenging to pinpoint a direct link, the unpredictability of the election results has definitely contributed to the negative sentiment in the market. Nigeria, being an active player in the global market, has significant ties with the US, which adds to the uncertainty surrounding the new administration. With concerns about the short and medium-term impacts of a Trump presidency, especially on oil-related companies, the market is bracing for potential shifts in international trade policies that could affect Nigeria's oil sector. Companies in the oil industry might experience volatility amid uncertainties about future trade agreements and oil prices. The recent decline in stock prices and the continuous downward trend in the market can also be attributed to domestic issues such as foreign exchange challenges, dwindling performance of companies, and issues with power and infrastructure. These ongoing challenges have created a sense of caution among investors, leading to a cautious approach to trading in the current market environment. As Nigeria awaits the GDP numbers next week and grapples with various economic challenges, the market is likely to reflect the overall economic uncertainty and the need for structural reforms to boost growth and stability.