Thursday 7 July 2022

MARKET SHRINKS FURTHER, DOWN 4BPS

MARKET SHRINKS FURTHER, DOWN 4BPS
The Nigerian equities market closed today's trading session on a bearish note with the NGX-ASI declining 4bps to 51,586.5 points. Consequently, the Year-to-date (YTD) return of the market weakened to 20.8%, previously at 21.2%.
 
Activity level in the market was mixed as volume traded rose 20.8% to 234.4mn units while value traded dipped 9.0% to ₦2.56bn. CAP, GTCO and UBA led the volume's chart with 29.32mn units, 29.01mn units and 25.40mn units respectively. The top traded stocks by value were GTCO (₦592.44mn), CAP (₦499.95mn) and ZENITHBANK (₦258.04mn).
 
Across sectors under our preview, performance was bearish as three indices closed in the red, one gained while the Oil & Gas index closed flat. Leading the losers, the Consumer Goods index dipped 58bps followed by a 53bps and 48bps decline in the Banking and Insurance indices respectively. The Industrial Goods index recorded a marginal gain of 1bp.
 
Daily Currency Update
On daily currency updates, I&E and the parallel market's prices closed at ₦425.75/US$1.00 and ₦600/US$1.00 respectively. The current P2P Forex market price is ₦617.57/US$1.00. Nigeria's external reserves improved 0.1% to US$39.2 billion. FX Supply stood at US$47.56 million indicating a loss of 39.7%.

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