“Profit-Taking in Banking and Consumer Goods Drives Stock Market Down by 80 Points”

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In a rather bearish turn of events, the domestic stock market concluded the second trading session of the week with a significant downturn. The primary driver behind this decline was profit-taking in the Banking and Consumer Goods sectors, leading to equities sliding by 80 basis points. The trading day ended with the market index at 66,760.20 points, down from its previous session’s close at 67,296.18 points.

This bearish performance was predominantly influenced by investors’ decision to take profits in key stocks within these sectors. Notable companies like NASCON (-9.96%), DANGSUGAR (-9.96%), MTN (-1.53%), ACCESSCORP (-4.06%), ZENITH (-3.45%), NESTLE (-2.33%), GTCO (-1.41%), and 38 other stocks experienced significant declines in their share prices.

Consequently, the year-to-date return for the market now stands at 30.26%. Additionally, the overall market capitalization witnessed a decrease of 0.80%, closing at N36.54 trillion. This resulted in a collective reduction of investors’ wealth by N293.35 billion.

Market activity for the day showcased a mixed trend. While the volume of shares traded increased by 24.11% to reach 645.54 million units, the total value traded decreased significantly by 86.78%, amounting to N1.10 billion.

The Market Breadth, which provides insight into investor sentiment through the Gainers/Losers ratio, dipped slightly to 0.36x from 0.37x. This was due to 16 stocks appreciating in value, while 45 stocks depreciated, and 55 stocks closed the day with unchanged prices.

Looking ahead, market analysts anticipate a persistently bearish sentiment in the upcoming session, as the market continues to remain subdued, lacking any significant positive catalysts.

In the currency market, the Nigerian Naira demonstrated strength against the US Dollar in the Investors and Exporters (I&E) Window. It appreciated by 4.06%, closing at an exchange rate of N742.10/USD. This positive movement in the currency market provides an interesting contrast to the bearish performance witnessed in the stock market on this particular trading day.

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