Nigeria's equities market closes in red

Nigeria's equities market has been facing a challenging week, with stocks closing in the red for the fourth consecutive session. Chukwuma Anyanwu, Head Research at GTI Securities, joined CNBC Africa to analyze the trading day and provide insights into the market's performance. The market's recent downturn is largely attributed to the spike in inflation, which surged to 10.3% earlier in the week. This news has raised concerns among investors about the impact on returns on investment. As the year-end approaches, there is also a noticeable increase in consumer spending compared to investment, further contributing to the market's current state. Despite some sectors braving the storm, such as the insurance sector, which has seen an upward movement in stock prices, there are still challenges faced by companies like Dangote Cement. While Dangote Cement has shown resilience in its share price, the pressure on cost lines has impacted its bottom line, leading to a slight decline in stock value. Overall, the market is experiencing a period of fluctuation and uncertainty, with investors closely monitoring the situation and hoping for a positive turnaround before the year ends.