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After experiencing a bullish start to the week, the Nigerian equity market concluded the week in the green while the Naira appreciated on the Investors and Exporters (I&E) FX Window.
However, profit-taking activities observed in prominent stocks led to a decline in the market. The benchmark NGX index closed Friday trading at 59,000.96 points, representing a decrease of 33 basis points compared to Thursday’s closing of 59,195.21 points.
The decline witnessed in the market was attributed to profit-taking activities in several leading stocks.
Notably, Dangote Sugar declined by 4.17%, GTCO by 3.92%, Stanbic by 3.70%, Zenith BanK by 3.28%, and WAPCO by 1.91%. These bellwether stocks contributed to the negative performance.
As a result, the Year to Date (YTD) return experienced a decrease, falling to 15.12%. Additionally, the market capitalization saw a decline of 0.33%, settling at N32.13 trillion. This decrease in market capitalization led to a drop in investor fortune by N105.77 billion.
Market activity decreased as volume and value traded declined by 46.81% and 57.61% to 622.42 million units and N6.51 billion respectively.
Market breadth; investor sentiment decreased to 0.85x from 0.90x in the prior session as 28 stocks appreciated, 33 stocks depreciated while 60 stocks closed flat.
Naira Appreciates
Meanwhile, the Nigerian Naira demonstrated a notable appreciation of 5.58% against the US Dollar at the Investors and Exporters (I&E) Window, concluding at a closing rate of N663.04/USD.
The exchange rate at the Central Bank of Nigeria’s (CBN) Secondary Market Intervention Sales (SMIS) window also remained steady at N640.00/USD.