Bears resurfaced in the Nigerian Exchange in today’s trading session, opening the week in the red zone, as the NGX All-Share Index shed 8 basis points by the close of the day, reaching 99,840.95 points from 99,925.29 points in the previous session.
The day’s negative performance was primarily driven by investors profit-taking activities in stocks like MTN Nigeria (-2.67%), United Bank for Africa (-1.34%), AIICO Insurance (-1.02%), FBN Holdings (-2.65%) and 11 others.
Consequently, the year-to-date return declined to 33.52%. Also, the overall market capitalization decreased by 0.08% to close at N56.48 trillion as investors lost N47.62 billion.
Market activity for the day was positive as volume and value traded increased by 334.92% and 233.02% to 1.38 billion units and N16.48 billion, respectively.
We expect the market to trade mixed amidst investors profit taking actions in the subsequent trading sessions.
CURRENCY MARKET:
The Nigerian Naira depreciated by 0.02% against the US Dollar in the NAFEM Window, closing at a rate of ₦1,483.02.
