Nigerian stocks closed trading on a negative note Friday as the bourse all-share index depreciated by 0.46 percent to close at 33,117.48 points as against 1.88 appreciation recorded previously, with the market year-to-date returns standing at 23.23 percent.
Analysts say the recent rally in the market, which has been attributed to the new NAFEX window for improved liquidity in FX trading, is unlikely to continue for long given doubts about how long the window will remain open especially if there are further pressures on the balance of payments from lower oil prices.
They equally point out the current forex regime where a lot of different exchange rates had created an environment of activities centred on arbitraging between the exchange rates and the black market rate as well as anticipating what policy changes there may be in the future, thus drawing capital from more productive activities to the equities market.
Market capitalization at the close of trading was N11,452,118,248,061.74.
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Market breadth closed negative as ETERNA led 18 Gainers as against 33 Losers, topped by UNILEVER at the end of Friday’s session, an improved performance when compared with previous outlook.
Market turnover closed negative as volume moved down by 21.26% as against 13.72% uptick recorded in the previous session. DIAMONDBNK, ACCESS and NIGERINS were the most active to boost market turnover. DANGCEM and ACCESS topped market value list. NIGERINS led the list of active stocks that recorded impressive volume spike at the end of trading session.