NGXASI stands at +32.76% (YTD); Naira appreciated by 0.40% to close at ₦1,609.51
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EQUITIES MARKET:
Bears maintained dominance as the Nigerian equities market continued end the day’s session in the south territory. The NGX All-Share Index dipped below the 100,000 points mark for the first time in over a month, ending the day at 99,266.02. This represents a downtick of 131 basis points as NGXASI extend its negative trend.
The market’s bearish closure was due to continued selling pressure in major stocks, including OANDO (-10.00%), NB (-10.00%), ZENITHBANK (-5.94%), GTCO (-8.75%), ACCESSCORP (-9.82%), and 48 additional stocks.
Consequently, the year-to-date return decreased to 32.76%. Similarly, the overall market capitalization decreased by 1.31% to ₦54.32 trillion, as investors lost ₦720.57 billion.
Market activity for the day was mixed as volume traded increased by 41.28% to 396.23 million units while value traded declined by 4.80% to ₦5.83 billion, respectively.
We anticipate a sustained negative trend in the equities market following the recent increase in the MPR to 22.75%. Investors are expected to adopt a cautious stance towards equity investments.
CURRENCY MARKET:
The Nigerian Naira appreciated by 0.40% against US Dollar in the NAFEM Window, closing at a rate of ₦1,609.51.