The Nigerian Equity Market closed today’s trading session on a bearish note, impacted by the sell-off seen in GEREGU. The NGX All Share Index benchmark index declined by 4 basis points, concluding at 65,309.65 points versus the previous session’s 65,336.71 points.
Investors’ focus on prominent stocks like Eterna Oil (-5.08%), Dangote Sugar (-2.94%), GEREGU (-6.38%), Ecobank Transnational Incorporated (-4.15%), and Fidelity Bank (-3.07%) contributed to the downward performance, reverses the Year-to-Date return to 27.43%. The market capitalization decreased by 0.04% to N35.54 trillion, as investors’ wealth dropped by N14.72 billion.
Market activity closed mixed, as volume trading decreased by 4.94% to settle at 317.81 million units, while value traded rose by 14.91% to N4.47 billion.
We expect bulls to rebound as we still anticipate positive momentum in the market this week, dominated by disclosure of earnings reports.
Currency Market
The Nigerian Naira appreciated by 2.23% against the US Dollar in the I&E Window, closing at a rate of N757.51/USD.
