Bears sustained the negative momentum in the domestic bourse as the day’s trading closed in the red region today. The NGX All-Share Index shed 43 basis points by the close of the day, reaching 103,736.08 points compared to the previous session’s 104,181.32 points.
The market’s negative performance was primarily driven by profit taking activities in top stocks such as Access Corporation (-3.97%), Guaranty Trust Holding Company (-6.49%), United Bank for Africa (-3.64%), Zenith Bank (-1.82%), MTN Nigeria (-1.29%) and 21 others.
As a result, the year-to-date return settled at 38.73%. Consequently, the overall market capitalization experienced a 0.43% decline, reaching N58.65 trillion, as investors lost N251.74 billion.
Market activity for the day was positive as volume and value traded advanced by 20.42% and 75.57% to 487.73 million units and N15.64 billion, respectively.
We expect bears to maintain hold on equities in the absence of any positive catalyst.
CURRENCY MARKET:
The Nigerian Naira appreciated by 0.62% against US Dollar in the NAFEM Window, closing at a rate of ₦1,255.07.