Naira Weakens to N1,603.80, Investors Lose N117.90bn as Bears Take Control

Bears continued the losing streak in the local bourse as The NGX All-Share Index lost 21 basis point, closing at 100,156.96 points from 100,365.17 points in the previous session.

The market’s negative performance was primarily driven by profit taking in stocks such as FBN Holdings (-2.79%), United Bank for Africa (-2.78%), Zenith Bank (-2.57%), Dangote Sugar (-2.56%), Transnational Corporation of Nigeria (-2.09%), Fidelity Bank (-0.93%), Access Corporation (-0.78%), Guaranty Trust Holding Company (-0.56%) and 17 others.

Consequently, the year-to-date return settled to 34.295%. Also, the overall market capitalization closed at N56.71 trillion, as investor’s wealth decreased by N117.90 billion.

Market activity for the day was positive as volume and value traded increased by 169.08% and 12.43% to 1.34 billion units and N9.67 billion respectively.

We expect the equities market to trade mixed in the coming session.

CURRENCY MARKET:

The Nigerian Naira appreciated by 6.05% against the US Dollar in the NAFEM Window, closing at a rate of ₦1,586.72