Bears held sway in the domestic bourse today, extending negative close as the NGX All-Share Index shed 28 basis points by the close of the day, reaching 97,879.94 points compared to the previous session’s 98,152.91 points.
The market’s negative performance was primarily driven by profit taking activities in stocks such as Dangote Sugar (-10.00%), GTCO (-0.30%), NB (-2.99%), Zenith Bank (-3.99%) and 15 others.
As a result, the year-to-date return settled at 30.90%. Consequently, the overall market capitalization experienced a 0.28% decline, reaching N55.36 trillion, as investors lost N154.25 billion.
Market activity for the day was positive as volume and value traded advanced by 4.59% and 1.20% to 277.24 million units and N5.08 billion, respectively.
We expect bears to maintain hold on equities amidst in the absence of any positive catalyst.
CURRENCY MARKET:
The Nigerian Naira depreciated by 5.96% against US Dollar in the NAFEM Window, closing at a rate of ₦1,419.11.
