The domestic bourse reverted to a bearish tone today, reflecting ongoing market volatility. The NGX All-Share Index shed 6 basis points by the close of the day, reaching 99,845.91 points compared to the previous session’s 99,908.89 points.
The market’s negative performance was primarily driven by profit taking in stocks such as ACCESSCORP (-0.86%), GTCO (-3.92%%), OANDO (-6.72%), UBA (-0.22%) and 15 others.
As a result, the year-to-date return settled at 33.53%. Consequently, the overall market capitalization experienced a 0.06% decline, reaching N56.45 trillion, as investors’ wealth declined by N35.48 billion.
Market activity for the day was negative as volume and value traded declined by 11.39% and 4.77% to 285.91 million units and N5.54 billion, respectively.
We expect bears to maintain hold on equities amidst fresh release of inflation data.
CURRENCY MARKET:
The Nigerian Naira depreciated by 7.58% against US Dollar in the NAFEM Window, closing at a rate of ₦1,154.08.
