Bears hold sway in the Nigerian Equities market, sustaining bearish grip as the NGX All-Share Index shed 120 basis points by the close of the day, reaching 98,121.30 points compared to the previous session’s 99,311.54 points.
The market’s negative performance was primarily driven by profit taking activities in stocks such as FirstBank Nigeria Holdings (-9.82%), MTN Nigeria (-10.00%), NB (-0.18%), United Bank for Africa (-1.30%) and 15 others.
As a result, the year-to-date return settled at 31.22%. Consequently, the overall market capitalization experienced a 1.20% decline, reaching N55.49 trillion, as investors’ wealth declined by N673.16 billion.
Market activity for the day was mixed as volume traded declined by 31.10% to 395.75 million units and value traded advanced by 22.10% to N9.57 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 0.64% against US Dollar in the NAFEM Window, closing at a rate of ₦1,308.52.
