The Nigerian equities market opened the week’s trading on a bearish note. The NGXASI recorded a marginal downtick of 9 basis points from 102,088.07 points to 101,995.21 points.
The market’s bearish closure was majorly driven by investors’ profit-taking activities in Access Corporation (-4.30%), Dangote Sugar (-7.69%), United Bank for Africa (-0.42%), Wema Bank (-2.41%), Fidelity Bank (-0.96%) and 20 other stocks.
Consequently, the year-to-date return decreased to 36.41%. Similarly, the overall market capitalization decreased by 0.09% to ₦55.81 trillion, as investors lost ₦50.64 billion.
Market activity for the day was positive as volume and value traded advanced by 1.14% and 11.69% to 294.32 million units and ₦6.72 billion, respectively.
We expect the equities market to trade mixed this week.
CURRENCY MARKET:
The Nigerian Naira appreciated by 4.96% against US Dollar in the NAFEM Window, closing at a rate of ₦1,582.94.
