Bears resurfaced in today’s trading, ending the domestic bourse positive momentum, as the NGX All-Share Index (NGXASI) shed 0.16% to close at 98,128.00 points from 98,285.33 points in the previous session.
The negative performance was primarily driven by investor’s profit taking activities in stocks like Guaranty Trust Holding Company (-3.55%), UBA (-2.16%), FirstBank Nigeria Holdings (-0.44%), Zenith Bank (-4.62%), Guinness Nigeria (-5.28%) and 17 others.
Consequently, the year-to-date return settled at 31.23%. Similarly, the overall market capitalization decreased by 0.16% to close at N55.51 trillion as investors lost N89 billion.
Market activity for the day was positive as volume and value traded increased by 21.90% and 5.56% to 271.71 million units and N5.43 billion, respectively.
We expect the equity market to trade mixed in this week in the absence of any positive catalyst and the looming MPC meeting which may fuel investor caution.
CURRENCY MARKET:
The Nigerian Naira appreciated by 0.21% against US Dollar in the NAFEM Window, closing at a rate of ₦1,462.59.
