Nigerian Naira Strengthens by 2.96% Against US Dollar; Equities Market Ends Day in Bearish Territory

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The Nigerian Naira displayed resilience against the US Dollar, appreciating by 2.96% in the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, ultimately closing at a rate of ₦1,551.24. However, amidst this positive currency movement, the Nigerian equities market experienced a day of downturn as bears continued to dominate.

The Nigerian Exchange All-Share Index (NGXASI) suffered a significant downturn, plummeting by 130 basis points from 102,393.23 points to 101,060.67 points. This decline was attributed to widespread sell-offs in key stocks, notably ACCESSCORP (-1.33%), BUACEMENT (-9.98%), DANGSUGAR (-3.56%), FBNH (-8.42%), GTCO (-0.38%), and 38 other stocks.

As a result of this bearish sentiment, the year-to-date return for investors decreased to 35.16%. Additionally, the overall market capitalization witnessed a decline of 1.30%, amounting to ₦55.30 trillion, leading to a collective loss of ₦729.16 billion among investors.

Market activity for the day depicted a negative trend, with both volume and value traded experiencing declines of 6.46% and 10.90%, respectively, amounting to 256.16 million units and ₦6.63 billion.

Looking ahead, analysts anticipate a mixed trading week in the equities market, as investors navigate through the prevailing market dynamics and uncertainties.

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