The Nigerian Equities Market halted its bullish trend as the day’s session saw the benchmark NGX All-Share Index (NGXASI) experience a decline of 149 basis points, closing at 103,110.15 points from 104,674.67 points in the previous session. This decline marks the first bearish close after 13 consecutive sessions of bullish outcomes.
The day’s negative performance was attributed to profit-taking activities in major stocks like United Bank for Africa (-9.67%), OANDO (-9.78%), Guaranty Trust Holding Company (-6.29%), Access Corporation (-10.00%), Dangote Sugar (-9.74%) and 56 other stocks.
Consequently, the year-to-date return declined to 37.90%. Similarly, overall market capitalization decreased by 1.49%% to ₦56.43 trillion, as investors lost ₦856.17 billion.
Market activity for the day was negative as value and volume traded declined by 57.26% and 5.94% to close at ₦11.09 billion and 648.95 billion units.
We expect the equities market to trade mixed this week.
