The Equities market closed the day’s trading on a negative note, driven by investor’s profit taking in high capitalized stocks. This resulted in a 38 basis points decrease in the NGX All-Share Index (NGXASI), reaching 67,098.80 points from previous close of 67,353.23 points.
The day’s enthusiastic performance was driven by investors’ sell-off in large capitalized stocks, such as Access Corporation (2.39%), Zenith Bank (-0.75%), MTN Nigeria (-0.20%), Nestle (-0.49%), First Bank Nigeria Holdings (-0.31%),Fidelity Bank (-2.94%) and 19 other stocks. Collectively, these stocks contributed to the market’s downward momentum.
Hence, the year-to-date return dropped to 30.92%. The total market capitalization loss by 0.38%, dropping to N36.86trillion. As a result, investors’ wealth declined by ₦139.79billion.
The market activity for the day declined as volume and value traded shed 24.87% and 4.60% to settle at 298.69 million units and ₦4.48bn respectively.
We expect the market to close bearish this week as fresh release of inflation data holds investors sentiment.
CURRENCY MARKET:
The Nigerian Naira appreciated by 1.01% against the US Dollar in the NAFEM Window, closing at a rate of N782.68/USD.
