The Nigerian equity market began the trading week on a bearish note, leading the benchmark NGX All-Share Index (NGXASI) down by 34-basis point, concluding the session at 70,612.81 points, marking a decline from the prior week’s close of 70,854.18 points, showing investors shaky confidence in the market.
The losses in today’s market were majorly attributed to price decline in JAPAULGOLD (-9.09%), FCMB PLC (-0.71%), NGX Group (-0.44%), Access Corporation (-0.29%), BUA Cement (-7.76%), CHAMS (-3.85%), with 12 others moved the market South.
Consequently, the year-to-date return declined to 37.78%, while the market capitalization reduced by 0.33%, to close at ₦38.80 trillion. This led to a ₦132.61 billion loss in investors’ wealth.
Market activity was mixed as volume traded decreased by 14.79% to reach 474.39 million units and value traded increased by 39.35% to reach ₦7.75 billion, respectively.
We expect equities to trade mixed in this trading week.
CURRENCY MARKET:
The Nigerian Naira depreciated by 1.96% against the US Dollar in the NAFEM Window, closing at a rate of N795.41/USD.
