The Nigerian Stock Market concluded today’s trading session on a bearish note, as bears continue to have slight dominance on equities. Profit-taking activities majorly in the banking sector led to a 9-basis point decline, with the NGXASI closing at 68,271.14 points compared to the previous session’s 68,335.72 points.
This bearish performance was primarily driven by profit-taking in key stocks, including OANDO (-9.93%), UBA (-0.58%), MTN Nigeria (-0.41%), Access Corporation (-1.74%), Transcorp (-4.31%), and 25 other stocks.
Consequently, the year-to-date return settled at 33.21%, and the overall market capitalization decreased by 0.09%, closing at N37.37 trillion, resulting in a decrease in investor wealth by N35.34 billion.
Market activity for the day was positive as both volume and value traded rose by 98.34% and 8.03% to 1.12 billion units and N5.82 billion, respectively.
We anticipate the market to close this week on a bearish note, as we anticipate a slight profit taking on stocks which started on Wednesday
Currency Market
The Nigerian Naira appreciated by 4.24% against the US Dollar in the I&E Window, closing at a rate of N738.00/USD.
