The Nigerian Equities market opened the trading week on a bearish note as the NGX All-Share Index shed 53 basis points by the close of the day, reaching 101,777.12 points compared to the previous session’s 102,314.56 points.
The market’s negative performance was primarily driven by profit taking activities in top stocks such as Access Corporation (-3.89%), Guaranty Trust Holding Company (-7.73%), United Bank for Africa (-4.94%), Transnational Corporation of Nigeria (-6.37%), Zenith Bank (-3.38%) and 27 others.
As a result, the year-to-date return settled at 36.11%. Consequently, the overall market capitalization experienced a 0.53% decline, reaching N57.56 trillion, as investors lost N303.95 billion.
Market activity for the day was negative as volume and value traded declined by 55.50% and 66.79% to 326.64 million units and N7.17 billion, respectively.
We expect bears to maintain hold on equities amidst fresh release of inflation data.
CURRENCY MARKET:
The Nigerian Naira appreciated by 0.56% against US Dollar in the NAFEM Window, closing at a rate of ₦1,136.
