The domestic stock market concluded the trading session on a downbeat note, as bearish momentum dominated, causing a shift towards red territory. Investors’ response to new MPR (18.75%) data played a role in this sentiment. Consequently, the benchmark NGX All-Share Index (NGXASI) experienced a decline of 0.46%, sliding from 65,991.02 points in the previous session to 65,687.16 points.
This market downturn was primarily influenced by profit-taking activities in significant stocks, including Unilever Nigeria, (-10%), FirstBank Nigeria Holdings (-4.87%), Access Corporation (-4.72%), MTN Nigeria (-3.44%), Flour Mills PLC (-1.28%), and 27 other stocks.
As a corollary of the bearish sentiment, the Year to Date (YTD) return settled at 28.17%. Additionally, the overall market capitalization diminished by 46 basis points, closing at N35.75 trillion, leading to a significant decrease in investors’ wealth by N186.85 billion.
Market activity for the day was negative as volume and value traded declined by 9.59% and 3.77% to 500.43 million units and N7.14 billion.
MARKET BREADTH: (Gainers/Losers ratio), which measures investor sentiment, increased to 1.33x from 1.07x in the prior session as 32 stocks appreciated, 24 stocks depreciated while 56 stocks closed flat.
A resurgence is anticipated in the forthcoming session.
Currency Market
The Nigerian Naira appreciated by 6.49% against the US Dollar in the I&E Window, closing at a rate of N740.08/USD.
