Equities market closes negative at 0.26%


The equities market closed the  week negative as  consistent decline in the major stocks, and  volatility remained the key feature in week’s trading session.

The Nigerian Stock Exchange All-Share Index (NSE ASI)  traded within a day range of 28,085.14 basis points to 28,281.89 basis points, and finally settled at 28,131.28 basis points having lost 0.26per cent.

In like manner, market capitalization fell to N9.67 trillion, while year-to-date return stands at negative 18.38 per cent.

Overall, 143 million units of shares worth N1.1 billion were traded in 2,528 deals.

Performances of the major sector trackers came in mixed; with Oil and Gas, and Banking losing 1.77per cent and 0.63per cent respectively, while the Consumer goods sector gained 0.12per cent, and Industrials sector closed flat.

Sector performances were largely driven by GTBank decline of 2.36 per cent , NB lost 0.88, and Oando dropped by 9.62 per cent.

Activity in the foreign exchange market remained largely unchanged as the Naira traded range bound due to continued support from the CBN.
The USD/NGN thus traded between $/N197 – 199 in today’s session, with the CBN selling Dollars at $/N197 levels.

The local currency however closed mixed relative to the European currencies, appreciating by 0.64per cent against the Pound Sterling but depreciating by 0.24per cent to the Euro to settle at N300.31/£ and N212.56/€ respectively.

Analysts expect the local currency to trade within its current band in coming sessions.

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