The Nigeria stock market wrapped up today’s trading session of the week with a continuation of the bearish sentiment observed from the close of the previous week, resulting in a negative outcome. The benchmark index, NGXASI, dropped by 31 basis points and closed at 66,448.63 points, down from its previous level of 66,652.17 points.
The day’s downturn was primarily influenced by investors profit taking in high capitalized stocks, including ACCESSCORP (0.32%), UBA (-3.59%), GTCO (-0.70%), DANGSUGAR (-6.00%), UCAP (-7.20%), TRANSCORP (-0.33%), and 20 other stocks.
Consequently, the year-to-date return settled at 29.65%, while the overall market capitalization decreased by 0.31%, closing at N36.37 trillion. This resulted in a reduction of investor wealth by N111.40 billion.
Market activity for the day depreciated as both volume and value traded declined by 24.78% and 24.67% to 273.80 million units and N3.41 billion, respectively.
In the absence of positive catalysts, we anticipate the bearish trend to persist in the equities market at the close of trading this week.
CURRENCY MARKET
The Nigerian Naira depreciated by 2.68% against the US Dollar in the I&E Window, closing at a rate of N775.31/USD.
