The domestic bourse concluded the week with a downturn as bears outpaced bulls in market activity. The NGX All-Share Index experienced a decline of 123 basis points, settling the week at 98,751.98, as opposed to 99,980.30 recorded in the preceding session.
The market downward trend was primarily propelled by significant sell-offs in BUA Cement (-10%) and MTN Nigeria (-9.96%), accompanied by considerable losses in CONOIL (-10%), NASCON(-3.94%), and Fidelity Bank (-3.85%) and 4 additional stocks.
Consequently, the year-to-date return decreased to 32.07%. Similarly, the overall market capitalization decreased by 1.23% to ₦54.04 trillion, as investors wealth declined by ₦672.12 billion.
Market activity for the day was negative as volume and value traded declined by 32.29% and 22.01% to 367.62 million units and ₦6.78 billion, respectively.
We expect the equities market to trade mixed in the coming week.
CURRENCY MARKET:
The Nigerian Naira appreciated by 2.94% against US Dollar in the NAFEM Window, closing at a rate of ₦1,548.25.
