Furthermore, the All-Share Index further dips by 0.33 percent to 101,707.70 points, as the market capitalization dropped by the same percentage to N 55.652tn as the year-to-date gain of the index slipped to 36.02 percent.

The negative result of the ASI also impacted the sectoral indices as three out of the five sub-sectors recorded adverse movements.

The downturn upturn was driven by price depreciation in large and Medium capitalize stocks among which are; Guinness stocks, PZ Cussons, Zenith Bank, Nigerian Breweries, United Bank for Africa, Lafarge, GTCO, FBN Holdings, Etranzact, CWG and Wema Bank. On the price movement chart, 24 stocks appreciated in price while 30 constituted the loser’s chart.

The Banking index led the losers with a 1.85 percent decline, driven by sell pressure in Unity Bank, Wema Bank, United Bank for Africa, and Zenith Bank Plc.

The Consumer and Industrial Goods indexes lost 0.22 percent and 0.10 percent, respectively, majorly due to share price decline in PZ, Cussons, Guinness Nigeria, Nigerian Breweries and Lafarge Africa.

Meanwhile, the Insurance and Oil/Gas sectors advanced by 1.13 percent and 0.09 percent, respectively.

Stocks trading activity on the NGX displayed a varied trend, with the total deals and value declining by 1.16 percent and 16.09 percent to 8,614 trades and N4.3bn, respectively; In terms of Volume transactions declined, by 20.76 million, representing 8.56 percent as investors traded 263.192 million shares valued at N.300 billion in 8614 deals against 42.432 million shares worth N5.3 billion exchanged hands the previous day in 8715 deals.

The stocks gainers included Honeywell Flour Mill, Juli Plc, and Cornerstone Insurance, whose share prices appreciated by 9.92 percent, 9.90, and 9.88 percent, respectively. Whilst VeritasKap emerged as the most traded security in terms of volume with 49.07 million units changing hands in 143 deals, while UBA led in traded value at N587.50m.

At the close of trading, there were more losers at 30 than gainers which were 24 securities.

The first seminar attracted approximately 200 guests seeking opportunities to enhance their proficiency in trading and financial markets.

“Running our trading seminars in Nigeria, FBS follows our mission to create opportunities for traders worldwide, helping them enhance their knowledge and skills. Our FBS team was particularly excited to welcome many guests at the first event. The success of this seminar in Lagos inspires FBS to continue providing our traders with the tools and resources they need to succeed in the financial markets. We look forward to seeing even more participants in the future,” said Diego Lima, FBS Business Development Lead in the African Region.

During the insights part of the seminar, FBS’s experts spoke about the role of income source diversification and leveraging principles to achieve financial goals.

The guests could also improve their knowledge of financial markets, Forex, CFD trading, risk management tactics, and financial market analysis, which are equally crucial for novice and experienced traders.

Not only was this seminar full of insights and free of charge, but it also had a dynamic and interactive atmosphere created by the company.

Following its unique approach to equipping traders with relevant trading tools and knowledge, FBS offered a bunch of entertaining brand activities for its audience. Guests could participate in giveaways and raffles, where lucky traders won an iPhone, bonus coupons for trading, and FBS merchandise kits.

“I was absolutely impressed with the quality of content and the speakers’ presentation skills. FBS’s commitment to transparency was evident throughout the seminar. I will use my lucky coupon to test the strategies covered at the event,” said Akeem Richard Ailoje, trader and FBS seminar guest.

More about FBS

FBS is a licensed global broker with over 14 years of experience and more than 75 international awards. FBS is steadily developing as one of the market’s most trusted brokers, with its traders numbering more than 27,000,000 and its partners exceeding 500,000 around the globe.

The annual trading volume of the clients is over $8.9 trillion. It is also the Official Partner of Leicester City Football Club.

The issuer is solely responsible for the content of this announcement.

This is not to say that Nigerians aren’t still at the forefront of investing in and trading cryptocurrencies. In fact, Nigeria is one of the African countries with the highest population as well as the highest number of cryptocurrency adoptions. Six out of ten Nigerian youths are interested in cryptocurrencies on a scale of one to ten, according to Statista.

To support the above claim, Africa is currently the fastest-growing cryptocurrency market among developing economies and the world’s third-fastest-growing market as of Q3 2022. At this rate, many see Africa as the next hotspot for crypto and blockchain development.

At the heart of it all, Nigeria is one of the main African countries driving Africa’s crypto growth, ranking sixth globally in terms of crypto-related use, according to a report conducted by Chainalysis, a US blockchain data platform.

Nonetheless, what is currently missing is that social media fuss and the evangelism on cryptocurrency adoption – they are obviously fading away. Before now, the average Nigerian youth was always active, making strong cases on social media about how cryptocurrency was the best thing that had ever happened to them. 

But when the reality of cryptocurrency, which some industry experts have described as gambling in disguise, hits anybody, that person either becomes stronger or sinks. Low or average income earners suffer the most because a good percentage of them invest or trade with all they got. This certainly goes against the universal law of crypto investments – you must invest the money you can afford to lose, not the money you cannot afford to lose.  

In the same vein, high-income earners who have attained financial freedom suffer too, but the difference is that they have the liquidity to overturn their losses. They keep investing in both the long-term and short-term. In the long run, they recoup their losses and even make more money. It’s just difficult to see someone who invested in a coin for 3 years and didnt make more money. 

Further and importantly, the crux of the matter is that there could be several factors contributing to the fact that social media isn’t currently on agog about crypto trading and investments in Nigeria. 

Volatility: As previously stated, when reality sets in, the tune of the music changes. One reason could be that the recent volatility in the cryptocurrency market has caused some people to lose interest. As a result of the rapid rise of cryptocurrencies, some individuals may be skeptical about making investments or talk about them too much.

It’s also worth noting that the price of digital currencies is influenced by supply and demand, investor and user sentiment, government regulations, and media hype. Price volatility is caused by all of these factors

Lack of awareness: There are always updates from every angle in the world of cryptocurrency, but you can only know this if you keep your eyes on the ground. Some people may be unaware of the most recent developments and trends in the cryptocurrency space, which can sometimes cause them to be less interested or engaged in the discussion.

Shift in focus: Younger generations may also be shifting their attention away from cryptocurrency and toward other issues such as politics, social justice, and political activism. Nigeria just concluded its elections and this was an electioneering process that almost all the young people were very much interested in, and still. 

In conclusion, the social media noise will pick up again once the prices of major cryptocurrencies go up. When it goes up, it means, investors are winning. Once, this happens, users will always speak about them on social media. The good thing about that is others might start developing an interest in crypto investment.

[Lead Image Source: i.imgur.com]