Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigeria’s equities market opened the week on a negative note as the benchmark index declined by 0.24% on Monday, May 12, wiping out about N297 billion from investors’ wealth amid profit taking.

Data from the Nigerian Exchange Limited (NGX) showed that the market All-Share Index (ASI) fell to 108,261.47 points from the previous close of 108,733.4 points.

While market capitalisation also declined, dropping from N68.339 trillion to N68.042 trillion.

Analysts at Futureview Research had forecast a mixed session for the week, citing profit-taking and inflation concerns, while also pointing to strong Q1 earnings and undervalued stocks as potential support for investor sentiment.

In a note, it said:

“Looking forward, the equities market might be mixed as investors await the MPC’s decision next week.

"The elevated interest rate environment and retail investors’ profit booking could dampen momentum,” Futureview said in a note."

Monday’s trading saw 414.57 million shares worth N10.72 billion exchanged in 16,664 deals. Tantalizers, VFD Group, Access Holdings, Zenith Bank, and AIICO Insurance ranked among the most actively traded stocks.

Here is a snapshot of Monday activities.

• Zenith Bank Plc recorded 24.32 million shares worth N1.18 billion.
• AIICO Insurance Plc traded 19.11 million shares amounting to N30.98 million.

Naira bounces back against dollar

Earlier, Legit.ng reported that the naira has appreciated against the United States dollar in the official foreign exchange market.

The new exchange rate comes on the back of consecutive losses for the naira across all markets.

Pressure on the naira against the US dollar in the parallel market continued as BDC traders increased exchange rates.

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Source: Legit.ng