The trading week in the domestic stock market concluded on a bearish note, despite notable gains in Airtel Africa and the major banking stocks. Investor sentiment tilted towards profit-taking, particularly in the large and mid-cap segments, exerting downward pressure on the NGXASI, ending the week at 66,454.57 points, marking a decline of 17 basis points from the previous session’s closing level of 66,570.19 points.
The day’s negative performance was primarily driven by investors’ profit-taking activities in prominent stocks such as OANDO (-9.55%), Dangote Cement (-8.79%), FCMB (-1.34%), NB (-1.28%), PZ (-1.25%), WAPCO (-0.34%), and 19 other stocks.
Consequently, the year-to-date return settled at 29.66%. The market capitalization also contracted by 0.17%, closing at N36.51 trillion, resulting in a decrease of N16.99 billion in investors’ aggregate wealth.
Market activity for the day varied as volume traded declined by 63.12% to 374.09 million units, while value traded increased by 88.75% to N8.93 billion.
The Market Breadth, which measures investor sentiment through the Gainers/Losers ratio, decreased to 0.80x from 1.26x, as 20 stocks appreciated, 25 stocks depreciated and 72 stocks closed flat.
CURRENCY MARKET:
The Nigerian Naira appreciated by 4.38% against the US Dollar in the I&E Window, closing at a rate of N741.28/USD.
