The Nigerian Exchange closed the day’s trading on a negative note, driven by high sell-offs in the banking sector, leading the NGX All-Share Index (NGXASI) to close the day at 66,984.62 points, showing a 17-basis point drop compared to the previous session’s closing level of 67,101.33 points.
The day’s negative performance was primarily influenced by selling activities in prominent Banking stocks such as Access Corporation (-1.25%), Guaranty Trust Holding Company PLC (-0.70%), United Bank for Africa PLC (-0.29%), Zenith Bank (-0.47%), Presco Assurance (-9.54%), and 22 other stocks contributing to the overall negative close.
As a result, the year-to-date return stood at 30.70%, and the market capitalization saw a 0.17% downtick, ending at N36.80 trillion. This decrease translated to a decline of N64.12 billion in investors wealth.
Market activity for the day declined as volume and value traded shed 28.18% and 61.23% to 268.66 million units and N3.46 billion respectively
We expect equity market to trade mixed in this week.
CURRENCY MARKET:
The Nigerian Naira appreciated by 1.00% against the US Dollar in the I&E Window, closing at a rate of N765.83/USD.
