The Nigerian stock market started the trading week on a negative note, with high selloff experienced in the Banking sector resulting in a 124-basis points downturn in the NGX AllShare Index (NGXASI), which dropped to 67,296.18, from 68,143.34 points in the previous session.
The day’s bearish performance was driven by investor sell-off in key stocks, including UBA (-9.18%), FBNH (-2.43%), GTCO (8.62%), ZENITHBANK (-5.82%), DANGSUGAR (-9.98%), ACCESSCORP (-8.57%), and 37 other stocks.
Consequently, the year-to-date return dropped to 31.31%. In a similar vein, the overall market capitalization saw a 1.24% downturn, closing at N36.83 trillion, resulting in investors’ wealth decline by N463.66 billion.
Market activity varied as volume traded increased by 7.58% to 520.13 million units, while value traded decreased by 0.08% to N8.33 billion.
Financial Experts expect bulls to rebound in the equities market in tomorrow’s trading session, driven by investors’ positive sentiment in the market.
The Nigerian Naira depreciated by 7.08% against the US Dollar in the I&E Window, closing at a rate of N773.50/USD.
