The Nigerian stock market turned bearish amid the recent increase in petrol prices, reflecting a challenging economic environment. As fuel prices surged by over 40%, market capitalization fell by N114 billion in a single session, highlighting the impact on investor sentiment.
This downturn is primarily due to inflation concerns and rising operational costs affecting various sectors, including transportation and manufacturing. Analysts suggest that ongoing fuel price hikes may continue to weigh on the market unless there are significant macroeconomic improvements
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