The Nigerian Equity Market ended the trading week on a negative note, as the NGX All-Share-Index (ASI) declined by 10 basis points (bps), closing at 65,198.08 points, in contrast to the previous session’s gain of 155 bps when it closed at 65,263.06 points.
The day’s negative performance was driven by investors taking profits in prominent stocks, including Eterna Oil (-9.83%), Access Corporation (-2.01%), MTN (1.07%), United Bank for Africa (1.05%), PZ (0.83%), and 23 other stocks.
As a result, the Year to Date (YTD) return decreased to 27.21%. Additionally, the market capitalization experienced a slight decline of 10%, closing at N35.48 trillion, which led to a reduction in investors’ wealth by N35.36 billion.
Market activity for the day showed mixed results, with the volume of traded shares declining by 18.45% to 363.15 million units. However, the value of traded shares increased by 19.39% to N6.07 billion.
The Market Breadth, which measures investor sentiment through the Gainers/Losers ratio, decreased to 1.00x from 5.10x in the previous session. This shift was due to 28 stocks appreciating, 28 stocks depreciating, and 60 stocks closing flat.
We anticipate a rebound in the coming week.
Currency Market
The Nigerian Naira appreciated by 4.31% against the US Dollar in the I&E Window, closing at a rate of N743.07/USD.
