The Nigerian Stock Market experienced a significant profit taking on major stocks particularly in the banking stocks, leading to a further decline in the benchmark NGX All-Share Index (NGXASI). The index fell by 203 basis points to settle at 62,748.94 points, a stark similar to Wednesday’s negative performance at 64,046.93 points.
The bearish close was propelled by the continued profit-taking activities, as we noted 57 stocks becoming the casualties of investor retreat. Noteworthy stocks such as FirstBank Nigeria Holdings (-9.82%), Stanbic IBTC Bank (-10%), Ecobank Transnational Incorporated (-9.94%), Access Corporation (-9.54%), Guaranty Trust Holding Company (-5.56%), Fidelity Bank (-10%), and MTNN (-4.64%) were among those swept up in this tidal wave.
As a result, the Year to Date (YTD) return was left standing at 22.43%, while the market capitalization sustained a 2.03% blow, concluding at N34,167.42 billion, while investors had to bear the brunt of a staggering loss, amounting N706.77 billion.
Market activity for the day decreased as both volume and value traded dipped by 31.36% and 17.69% to 798.47 million units and N10.45 billion, respectively.
In the absence of any positive catalyst, we anticipate the week to close bearish.
Currency Market
The Nigerian Naira strengthened by 4.63% against the US Dollar in the I&E Window, closing at a rate of N746.28/USD.
