The Equity Market closed lower on Wednesday, shedding 0.78% to reverse Monday’s gain. Market breadth closed negative, recording 10 gainers and 22 losers.

In summary, the All Share Index (ASI) was down by 252.45 absolute points, representing a decrease of 0.78%, closing at 31,969.79 points. Similarly, Market Capitalization decreased by N92.17 billion representing a dip of 0.78%, closing at N11.89 trillion.

MOBIL emerged the top gainer while UNITY BANK emerged the top loser.

The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; WAPCO (-6.25%), CADBURY (-3.66%), ETI (-3.13%), GUARANTY (-2.98%), HONYFLOUR (-2.88%), DANGCEM (-1.72%)  CCNN (-1.36), DANGSUGAR (-0.77%), FBNH (-0.66%), ACCESS (-0.65) and ZENITHBANK (-0.41%).

FOREIGN EXCHANGE

The Naira at the inter-bank rate remains unchanged to close at N306.75  against Monday’s closing price.

The Investors and Exporters (I&E) FX window opened at N363.80, traded high at N364.75 and eventually closed at N364.26, representing a 0.16% depreciation against Monday’s closing price. A total of $129.06 million was transacted through the I&E window today.

MONEY MARKET

Overnight (O/N) rate closed at 10.67%, representing a 0.17% depreciation against Monday’s closing position, while Open Buy-Back (OBB) rate also closed  at 9.67%

SOURCE: https://brandspurng.com/2018/11/21/selloff-in-banking-and-industrial-stocks-leads-equity-index-to-0-78-loss/