The equity market closed negative today as Dangote Cement, Zenith Bank and 28 other dragged the market to shed 0.90%. Market breadth closed negative, recording 13 gainers against 30 losers.
In summary, the All Share Index (ASI) decreased by 341.80 absolute points, representing a dip of 0.90% to close at 37,605.12 points. Similarly, the market capitalization was down by N123.81 billion, representing a dip of 0.90% to close at N13.22 trillion.
The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; FIDELITY (-5.91%), CADBURY (-5.38%), HONEYFLOUR (-5.31%), MOBIL (-4.95%), NESTLE (-4.13%), WAPCO (-3.66%), DANGSUGAR (-2.63%), ZENITH (-2.44%), OANDO (-2.27%), FO (-2.19%), UBA (-1.52%), GUARANTY (-1.00%), DANGFLOUR (-0.99) and DANGCEM (-0.58%).
The Naira at the inter-bank closed at N305.70, representing a 0.02% appreciation against yesterday’s closing price.
The Investors and Exporters (I&E) FX window opened at N361.40, traded high at N363.00 and eventually closed at N361.28, representing a 0.03% appreciation against yesterday’s closing price. A total of $198.30 million was transacted through the I&E window today.
We expect the FX Market to trade within existing range in the next session.
O/N rate closed at 20.08%, representing a 12.42% depreciation against yesterday’s closing position, while OBB rate closed at 19.33% representing a 10.67% depreciation against yesterday’s closing position.
We expect the Money Market to trade within existing range in the next session.