Bears resurfaced in the Nigerian Equities market, overturning yesterday’s bullish close as the NGX All-Share Index (NGXASI) depreciated by 0.16% to close at 99,630.51 points from 99,793.71 points in the previous session.
The day’s Negative performance was primarily driven by selling pressure in stocks like, MTN Nigeria (-7.13%), Ecobank Transnational Inc. (-2.47%), Transnational Corporation of Nigeria (-2.27%), Wema Bank (-0.73%), FBNH (-0.43%), OANDO (-0.34%) and 13 others.
Consequently, the year-to-date return rose to 33.24%. Similarly, the overall market capitalization decreased by 0.16% to close at N56.35 trillion as investors lost N92.32 billion.
Market activity for the day was mixed as volume traded decreased by 11.89% to 848.97 units while value traded increased by 22.62% to N16.55 billion, respectively.
We expect the market to trade mixed amidst investors profit-taking actions in the subsequent trading sessions.
CURRENCY MARKET:
The Nigerian Naira appreciated by 0.67% against the US Dollar in the NAFEM Window, closing at a rate of ₦1,473.66.