The Nigerian Equities market concluded the trading week on a bearish note as the NGX All-Share Index shed 71 basis points by the close of the day, reaching 102,314.56 points compared to the previous session’s 103,437.67 points.
The market’s negative performance was primarily driven by profit taking activities in top stocks such as Access Corporation (-6.76%), Guaranty Trust Holding Company(-10.00%), FirstBank Nigeria Holdings (-6.71%), Nigerian Breweries (-0.18%), Zenith Bank (-3.73%) and 31 others.As a result, the year-to-date return settled at 36.83%.
Consequently, the overall market capitalization experienced a 0.71% decline, reaching N57.86 trillion, as investors lost N412.14 billion.
Market activity for the day was positive as volume and value traded advanced by 84.46% and 205.56% to 7.34 billion units and N21.59 billion, respectively.We expect bears to maintain hold on equities in the absence of any positive catalyst.
CURRENCY MARKET:
The Nigerian Naira appreciated by 7.17% against US Dollar in the NAFEM Window, closing at a rate of ₦1,142.38.
